A variety of foreclosure prevention techniques are used by people in Phoenix, Arizona who are facing foreclosure every day. Today, we are choosing to focus our attentions on a fairly unknown, but still highly effective method of foreclosure prevention. To be sure, you should know that there are many foreclosure prevention techniques available to you. We lose count at about forty if you are keeping track at home. However, many of the foreclosure prevention techniques you may have heard of are simply ways to delay the process and do nothing to actually stop the process, which for most people is the goal in finding foreclosure prevention techniques.
Foreclosure prevention by slowing down the foreclosure process has a few advantages in Phoenix, AZ; you have the opportunity to stay in your home payment free for what can seem like a long period of time. Furthermore, it can give the chance to find foreclosure prevention through qualifying for a loan modification program run by the government or given by your lender. Some of these foreclosure prevention strategies can be done by you, but finding a foreclosure prevention specialist is probably in your best interest.
What are foreclosure prevention techniques? foreclosure prevention is used to delaying or halt the process of foreclosure. You should initially find out how a foreclosure works so that you can apply foreclosure prevention techniques that will best serve you. If you have a basic idea how the foreclosure process flows, you can use foreclosure prevention techniques to delay the progress of your foreclosure.
Some delay techniques include the following…
Respond to the foreclosure Summon -- If you respond to the foreclosure letter from your mortgage lender, this foreclosure prevention option will stop the process for a several weeks or months.
Negotiate the late payments as a form of foreclosure prevention. If you and the lender can agree on a payment plan to cover the late payments your lender may choose to halt the foreclosure process. This foreclosure prevention technique is not negotiating a mortgage refinancing, but it is paying off you late payments.
File for bankruptcy as a source of foreclosure prevention. This is really a silly foreclosure prevention strategy. Filing for bankruptcy gives you horrible credit and, even though it can delay the process, you will maybe lose your home in foreclosure anyway. This foreclosure prevention strategy is not a decision that you should make without careful consideration.
The best foreclosure prevention strategy is to utilize a not well known process called the short sale. You can contact a real estate agent that knows about this foreclosure prevention strategy and they will explain to you how it works. It will get you away from foreclosure and it keeps the bank happy to. So, your credit won’t take a big hit from using a short sale.
Do you have questions? Read the Short sale FAQs.
Are you a Realtor? Then get free short sale training by Kevin and Fred at Free Realtor Training on ShortSalePower.com
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