Are you in danger of losing your home ? The U.S. Department of Housing and Urban Development may be able to assist click here http://portal.hud.gov/portal/page/portal/HUD The HUD office for Pennsylvania & New Jersey is CCCS located in Bristol PA.
The CCCS of the Delaware Valley is located at 1230 New Rodgers Road Suite F1, Bristol, Pa. 19007 they can be reached at 215-563-5665 or email @ customerservice@ccsdv.org www.ccsdv.org
The web site above offers advice for Avoiding Foreclosure. How to contact a counselor, tips on talking with your lender, state and local foreclosure resourses, foreclosure scams. How to protect yourself during the process.
Contact you lender before it is too late. Lenders would rather be proactive than to foreclose. They may be able to recast your loan. Recasting is when the lender reduces your interest amount based on the current loan balance. They do not change the length of the loan just the interest and monthly payment. They do charge for this service. I know a local bank that does recast their loans and the fees range approximately $1,000.00 Half the battle is to be up front with your lender to figure out a plan. Ask and you may receive.
If facing foreclosure it may be beneficial to turn over you mortgage to the lender than to go through the legal process. Three years after a foreclosure it is possible to obtain a new mortgage. There will be plenty of documenting your employment & reestablished credit. Lenders have tightened up the process but it is possible if you are willing to wait and answer all their requests.
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