A recient survey but the Notional Associan of Realtors found that over 50% of home owners, who are late on their house payments, don't know that they can have their loans modified so that theny can better afford their house payments. There is help available! There are actually a lot of options out there and many of the homes that go into foreclosure don't really need to do so. There are several web site a person con go to to find help. Consider looking at these:
www.makinghomeaffordable.com www.hopenow.com www.hud.gov
All of these can give you direction into how to get help. Why let a home go into foreclosure when you don't need to? Loans can be modified in several ways. Interest rates may be lowered.Back payments may be re-calcuated and put onto the end of the loanso that new payments are on time. Adjustable rate mortgages may be modified into fixed rate loans. In some cases, even some of the debt may be forgiven and a new loan issued with lower more affordable payments. Every persons circumstances are different and loans can be customized to fit the need.
Again, many of the homes that are foreclosed on don't need to be. If your home is in dristress mode; try these other options first.
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