If there is a possibility that foreclosure is in your future, seek help immediately. The lending institution's foreclosure on your home does not always end your financial problem. Many times you can still owe the deficiency if there is one. Seeking good legal advice is recommended. The federal government is has put together assistance so seek good advice that is current with this program. Many states have a program to help homeowners through this including North Carolina with one program called "The NC Home Protection Program and Loan Fund". Non Profit organizations like Ontrack in Western North Carolina have been very successful in helping foreclosure avoidance through this program. Housing and Urban Development has approved counseling agencies throughout the country to provide assistance and information for home owners who are looking at the possibility of foreclosure. The comprehensive help that they are providing is called "HASP", Homeowners Affordability and Stability Act. (HASP is also now available for FHA loans.) They attempt to adjust your payments to an amount that can result in you keeping your home. Foreclosure credit counseling for free is provided by the government, so your resources can also be utilized towards your real estate debt reduction. Western North Carolina home owners who may be going into foreclosure do have options and a good chance staying in your home and giving your family a positive future there.
It doesn't matter how far behind you are on payments or what your situation is because there is hope for you and your family. As long as your name is still on the deed there is a good possibility that you can save your home from foreclosure. Usually this can be done without filing for bankruptcy which should be the last resort and may not save your home. Even if you owe more than what your home is worth you may be eligible for what is known as a "short sale". You are wise to be seeking help as quickly as possible to protect your home and your family. Never assume that all situations will go the same. Depending on the lender, state (lien or title theory state), or the type of loan, the amount of time a deliquent homeowner has can vary. Seek good advice Immediately and beware of scams!
Keep your family safe, your personal dignity, your financial strength. Avoid the just do nothing approach that is common. Shaun Donovan, the Secretary of Housing and Urban Development, announced on July 30,2009 guidelines for the modification of loans for borrowers who have an FHA loan. Borrowers that qualify are now eligible for loan modification of FHA loans up to 125% of the value of their homes. The new guidelines for FHA loan modification is in addition to the Freddie Mac and Fannie Mae loans that can already be adjusted to allow borrowers stay in their homes with a payment that they can afford. If you decide to sell your home as a "short sale", David Craven with RE/MAX Mountain Realty will work closely with a loss mitigator to get your home closed in an efficient manner. David is a real estate broker who has earned the Realtor Short Sale and Foreclosure Resource designation of SFR. Email David@DavidCraven.com or call 828-476-0568. |