A financial crisis can strike anyone at anytime and the duration that it hangs around can range
from a couple days and a little perspiration on the forehead to a full blown catastrophe that
has been in the making for years. It is a horrible experience to fall delinquent on your home.
The pain can be life changing. Sometimes that change is a positive learning experience. It isn't
unusual to find a homeowner who lost a home to foreclosure in his past become very conservative
in the future!
With the number of homes that are actually sold at Foreclosure Auctions, which are on the rise, it means
there is a good percentage of distressed owners who simply want to get out from underneath that
home and start over. It’s a painful process. The experience is emotionally draining. The evidence
suggests that many just quit and walk away regardless of the consequences and the options
available to them.
So...say you happen to be in financial trouble... what options are available to you?
1. You can do nothing and loose your house, and with that goes your credit. This will stay with
you and your credit report for years to come. Don't forget the scars to your psyche. Doing
nothing isn't a very compelling option. It doesn't take much effort to do nothing, hence, the
results are not so rewarding.
2. You could refinance the home and pay a high interest rate cause your credit score is so low
due to the foreclosure. Your equity in the home would also need to be over 30%-40%, so the lender will
have enough LTV to write the new home mortgage! With this new high ridiculous interest rate it might
put you over the top where you can’t afford to pay the new mortgage payment and the nightmare of
foreclosure hell begins all over again. Ouch!! Not quite the option you may want.
3. You can sell the house. How long will it take, if you run out of time and you could not sell.
Now what do you do. Is it worth the headaches and sleepless nights wondering when your house
will sell.
If time is short then read on...
4. Give the house back with a Deed-in-Lieu. You may be able to give the house to the lender
voluntarily. It is easy, but you lose all your home equity, credit and your dignity.
5. Sign over the Deed/Title to an Investor. That’s right just sign over the deed/title, but
did you realize you will still owe the mortgage. These sharks will even pay to move you, have
your deed, put some renter in your home and collect rent, but you still owe the mortgage! They
promise cash and pay off your mortgage but never do. You might even sign a document which you
thought you were refinancing your home but found out you just signed over your house deed. Hard
to believe, but these people are out there!
|
Stop Foreclosure Books
|
|
|
|
|
|
| |
An
extensive range of articles covering topics such as reducing
your debt, starting a new business and generating more sales.
Experts in this field will give you advice on many aspects
of business and finance and there are many great and useful
tips to make your life easier..........
|
|
Pick
up some advice on promoting your website. What methods will
work best for your kind of website and how to increase your
website hits are amongst the massive array of topics covered
in this section. A great range of articles with highly rated
site promotion strategies revealed..........
|
|
|
|
|
Resources:
Homeowner Warning
WE’LL LEND YOU MONEY!