Blog Entry
FORECLOSURE INFORMATION
Written by Parnell on May 12, 2010
Ask your Lender to add the missed payments onto the end of the mortgage term. That way you could start over fresh. Plus side, you will not have to try to make up the late payments immediately and you get to stay in your home. Negative side, your monthly payments will remain the same and your loan term will be longer to include the past due amount. Most banks provide this service depending on the amount of delinquency, the reason for default and the current status of the loan. There should be NO FEES associated with this work-out option.
ADDITIONAL INFORMATION
The HOPE for Homeowners program will refinance mortgages for borrowers who are having difficulty making their payments, but can afford a new loan insured by HUD's Federal Housing Administration (FHA). Call 1 (800) 225-5342 for more information.
The U.S. Department of Housing and Urban Development (HUD) has many programs in place to offer government help to stop foreclosures. The HUD web site offers many tips and suggestions for home owners that find themselves in financial difficulty and impending foreclosure. The most important step is to have open communication with your lender.
The federal government has incentive programs in place for the lender to help avoid foreclosure. There is significant assistance available for those who communicate with their lender early in the foreclosure process. HUD also has approved foreclosure counselors who will offer individualized help.
A recent collaboration of HUD/Federal Housing Administration, the Department of Veteran Affairs, the Department of Labor and mortgage lenders have provided valuable information regarding government help to stop foreclosures. If you're facing financial difficulties due to job loss, military service, or natural disasters, there are many programs providing government help to stop foreclosures. Contacting any one of these agencies is an important step in gathering information to help you keep your home.
I WISH EVERYONE THE BEST!
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Parnell
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marcelline
michelbep4life said on May 16, 2010:
cool you great its really good job blog ........
ALL WE SEE = yours good actions with others users............
j3lu said on May 14, 2010:
Hello Parnell, You are a great friend to all Americans of this DIPDIVE site those infomations brings some hope for children Thank you for informing.
http://dipdive.com/member/j3lu/blog/18552
IrelandRose said on May 12, 2010:
Hey Parnell, Thanks for the information on forclosures, I will pass it on to my friend and hope it will help him not lose his house that his kids have been growing up in.
P2k4
bakery said on May 12, 2010:
Thanks for the information Parnell....I will began to use all that applies to my needs.
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Parnell
Parnell is a gal who is 41 that lives in United States. She joined Dipdive on September 10, 2009. The last time she logged in was on December 20, 2011.
on May 24, 2012 from Twitter
Thank you Parnell, For of the good info! It sadden me to think that we are goiing to lose our house cause we can't come up the money to reinstated our loan from Chasse. My husband and I have put our life savings into this house. An that Chase stand to gain all of our escrow to the tune of $122,000.00 in their pocket. That is if we can't come up with money to stop the foreclosure. Not only are we effected this has t hurt to see so many other people going to the same thing this is the end of tthe American dream.