With foreclosures continuously on the rise and more homeowners facing the risk every day, the fear of being foreclosed on is a common trend. This fear disables homeowners to step up to the plate and face their mortgage companies about possibly options. Foreclosure can be prevented as long as the consumers remain aware and confident.
Fear: Homeowners are afraid to let the mortgage company know that they are having a problem because they think it will speed up the foreclosure process.
* Contacting the lender is a crucial first step in order to prevent the bank from foreclosing on your home. This gives you an opportunity to offer an explanation as to why you may have fallen behind in the payments. Remember, lenders have a financial interest in keeping you in your home too and they may be willing to alter some of the terms of the loan in order to keep you in control.
Fear: Homeowners believe that if a mortgage company has denied them for a loan modification, it is useless to contact a counseling agency.
* One reason homeowners are turned down for modifications is because they have provided information that states their expenses exceed their income, or they haven't accurately documented the terms of their loan. A housing counselor can suggest better-suited alternatives for your specific financial situation or even help you make adjustments on your loan modification application that would then qualify you as a candidate.
Fear: Homeowners are fearful of being judged by others.
* Today's financial crisis is challenging for many consumers, however it still doesn't make you feel better if you have to ask for help. While many of your friends and neighbors are struggling to stay afloat, it feels as if you may be alone in this economic slump.
Fear: Homeowners would rather use all their financial resources before asking for help.
* Riding out the financial storm is common for those unaware of alternative solutions, which depletes savings and retirement accounts. With dwindling bank accounts, this gives them less opportunity to apply for a loan modification. Lenders don't want to see that a homeowner has little to no alternative financial resources. Ask for help before spending your last penny!
Fear: Homeowners are certain that their situation is hopeless.
* Homeowners facing foreclosure have an overwhelming feeling of despair and hopelessness. Of course, not all foreclosures can be prevented, however it is possible. Housing counselors can not only prevent your property from being foreclosed on, they can also assist you with building a new plan for long-term financial success.
Fear: What kind of large, up-front fees will I have to pay in order for a company to help me save my home?
* There are nonprofit housing counseling agencies that offer reputable assistance free of charge. Be sure to look for a HUD-approved counseling agency to ensure that you aren't being taken advantage of.
Contact us today: 214.923.0261 or email us: info@archwoodproperties.com
Comments(0)