Can your debt be forgiving can your Miami Foreclosure be over looked.
Two days ago I was browsing the internet searching for Miami Foreclosure as I came across a blog title" Why lenders might forgive your debt" I didn't think much of it until I began to think of the amount of panicking homeowners that are in the verge of Foreclosure or First time home buyers that are seeking FHA financing. I also began to think about the countless amounts of credit conscious borrowers who borrowed a little too much and now worry about their Credit score. For them I write this article and highlight many of the Points Liz Weston mention in her brilliant article "Why lenders might forgive your Debt."
"Lenders often found it easier and cheaper to write off delinquent accounts as bad debt than work with you on a repayment plan. After all, they could get a tax break on the loss and then get on with the profitable business of extending credit to the next guy".
This is her second paragraph in which I found really important to highlight. Do you ever get treating calls from collection companies trying to collect the full amount of debt that you once old to a creditor. Well the fact is the Lender or the creditor that you once owe write off almost all delinquent accounts after a certain of time. The account or debt is sold to a collection company. The collection company bought this paper debt for cents on the dollar hoping you will pay the full amount. For example if you owed Sears 1,000 and Sears couldn't collect they write the debt off and sale the Debt to ABC Collection Company who bought the debt for 45 dollars. Welcome to the world of collection companies. The fact is most collection companies can negotiate your debt 80 percent of the time. IF you are a first time homebuyer that is seeking an FHA loan FHA will require paying all collection accounts before closing remember they can be negotiated.
"The most sweeping new program was announced Nov. 11. Freddie Mac and Fannie Mae, the government agencies that guarantee 31 million U.S. mortgages, will begin paying the mortgage service companies that maintain the loans $800 for every loan they modify. Borrowers would get help in several ways: Interest rates would be reduced so that borrowers would not pay more than 38% of their gross income on housing expenses. Another option is for loans to be extended from 30 years to 40 years, and for some of the principal amount to be deferred interest-free."
IF you are a homeowner facing foreclosure who only needs their mortgage payment adjusted a couple of dollars this can be your hope. The lenders are providing incentives to servicing companies to help much more, to go the extra mile. The servicing companies can adjust your interest rate from 7.6% to a 6.5 % they can also adjust your term from 30 years to 40 years they are doing everything and anything to keep your home from foreclosure.
The Fact is we are seeing more walk than talk from congress and the lenders. IF you are a homeowner who is in risk of Foreclosure call your lender and submit your financial statements. You might be eligible for a loan modification.
Ready to buy a Miami foreclosure Home? Contact Global Market Realty today. We have several Miami Foreclosures for sale in , Search the MLS for foreclosures in Miami . Do you want more information on a second home or a vacation home please contact us at 305 364 0037
Looking for a home in Miami ? You will find everything you want in the Miami area. The city of Miami is a great place to live and is served by the Dade county School District.
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