tag:blogger.com,1999:blog-6022241666945681777.post822493733970626565..comments2024-01-02T04:37:12.836-08:00Comments on Economic Despair: Are we on the edge of a banking crisis?Economic Despairhttp://www.blogger.com/profile/15834343361456412739noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-6022241666945681777.post-67077762165060326812007-06-28T20:18:00.000-07:002007-06-28T20:18:00.000-07:00A loss of a job, death in family, medical expenses...A loss of a job, death in family, medical expenses and other life-altering situations can happen to anyone, causing us to <BR/>fall <A HREF="http://www.webuyhouseseasy.com/forms.php?fid=2" REL="nofollow">behind in our mortgage</A> loan payments.<BR/> <BR/> <BR/><BR/> If we neglect paying our credit cards it hurts our <A HREF="http://www.creditidol.com/index.php?page=services" REL="nofollow">credit rating</A>; if we neglect our home loan payments the lender<BR/> will foreclose, and repossess our home. We are often embarrassed to talk about our money problems, but that approach doesn't solve anything. <BR/><A HREF="http://www.creditidol.com" REL="nofollow">Credit Repair</A> could help you get back on track in the future<BR/> <BR/> <BR/><BR/> Put your pride on hold and get serious about <A HREF="http://www.webuyhouseseasy.com" REL="nofollow">avoiding foreclosure</A>. Contact your lender as soon as you know your payments will be late.<BR/> Never ignore the lender's letters and do not assume you are in a hopeless situation. Lenders do not want to foreclose, and will usually work with you to get your account back on track.<BR/> <BR/> <BR/><BR/> Below are Solutions for Temporary Problems<BR/> <BR/> <BR/><BR/> 1. Reinstatement When you are <A HREF="http://www.webuyhouseseasy.com/sell_house_fast.htm" REL="nofollow">behind in your mortgage payments</A> but can promise a lump sum to bring payments current by a specific date.<BR/> <BR/> <BR/><BR/> 2. <A HREF="http://www.webuyhouseseasy.com/forms.php?fid=3" REL="nofollow">Motgage Forbearance</A>. You are allowed to delay payments for a short period, with the understanding that another option will be used afterwards to bring the account current. <BR/>Lenders sometimes combine Forbearance with Reinstatement if you know you'll have the funds to bring your account current by a specific date.<BR/> <BR/> 3.A <A HREF="http://www.webuyhouseseasy.com/sell_home.htm" REL="nofollow">mortgage Repayment Plan</A> If your account is past due, but you can now make payments, the lender may agree to let you catch up your <A HREF="http://www.webuyhouseseasy.com/forms.php?fid=3" REL="nofollow">home loan</A> by adding a portion of the <BR/>past due amount to each current monthly payment until your account is current.<BR/> <BR/> <BR/><BR/> Solutions for Longer-Term Problems<BR/> <BR/> <BR/><BR/> 1. Mortgage Modification If you can make your regular payment now, but cannot catch-up the past due amount, the lender may agree to modify your mortgage. <BR/>One solution is to add the mortgage behind amount into your existing loan, financing it over a long term. <BR/>Modification might also be possible if you no longer have the ability to make payments at the former level. <BR/>The lender might modify your <A HREF="http://www.webuyhouseseasy.com/forms.php?fid=3" REL="nofollow">mortgage</A> to extend the length of your loan, or take other steps to reduce your payments.<BR/> <BR/> <BR/><BR/> 2. <A HREF="http://www.webuyhouseseasy.com/listings/" REL="nofollow">Selling Your Home</A> If catching up is not a possibility, the lender may agree to put foreclosure on hold, giving you some extra time to attempt to sell your home. <BR/>http://www.webuyhouseseasy.com/listings/index.php can help by <A HREF="http://www.webuyhouseseasy.com/forms.php?fid=2" REL="nofollow">purchasing your home</A>.<BR/> <BR/> <BR/><BR/> 3. Deed in Lieu of Foreclosure The lender may allow you to give-back your property, in turn forgiving the debt. <BR/>This does negatively affect your credit record, but not as much as a foreclosure. The lender may require that you attempt to <A HREF="http://www.webuyhouseseasy.com/listings/" REL="nofollow">sell the house</A> for a specific time <BR/>period before allowing this option; the option may not be possible if there are other liens against the home. http://www.webuyhouseseasy.com/sell_house.htm<BR/> <BR/> <BR/>If these options aren't available and time is against you. Contact a <A HREF="http://webuyhouseseasy.com/listings/index.php?action=page_display&PageID=5" REL="nofollow">realtor</A> and have your <A HREF="http://www.webuyhouseseasy.com/listings/" REL="nofollow">house listed on MLS</A> (mutly listing service) immediately.<BR/>It is better to sell your home and keep a <A HREF="" REL="nofollow">mortgage foreclosure</A> from affecting your credit rating so that you can qualify for a mortgage and buy a house again in the near future rather than<BR/>the far future.Anonymousnoreply@blogger.com