Learn how to avoid Foreclosure and KEEP your home!
The housing boom led to a record homeownership rate of nearly 70%, but some homeowners now face problems making their mortgage payments and can't refinance their loans. Over the last few years, lender invented new types of mortgages to help individuals buy their first homes and refinance their current mortgages. Many of these mortgages helped individuals without cash for a downpayment, or with less-than-perfect credit, qualify for loans known as "subprime" loans.
Subprime loans have a higher interest rate and higher costs, such as prepayment penalties. A very popular and widely available mortgage product is the hybrid adjustable rate mortgage (ARM). Hybrid ARM's have an initial period with a lower interest rate ("teaser rate") followed by significant increases over the remainder of the loan. The hefty payment increases is often called "payment shock", because the borrower is surprised by the size of the increase and can't afford the new payment.
If you are having trouble paying your mortgage for any reason, or expect problems, you should work with experts and your lender to find a solution now. If you fall behind and you don't take action, the lender will foreclose on your home. If this happens, you may lose your home and all the money you have already invested in it. The sooner you act, the better the chances you will avoid foreclosure.
The Center for Responsible Lending estimates that 2.2 million American households with sub-prime mortgages have lost or will lose their homes as monthly payments rise on high-risk mortgages. These families stand to lose as much as $164 billion of equity in their homes.
I feel us (Government, Bankers, Real Estate Agents, and home owners) all share the blame in this avoidable problem. This why I will send you a free brochure that will help you understand your options and give you tips on how to avoid losing your home-regardless of what kind of mortgage you have.
This brochure has been approved by the Center for Responsible Lending, NeighborWorks®, and the National Association of REALTORS®, and The U.S. Department of Housing and Urban Development (HUD)
If you're in trouble, call 888-995-HOPE
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