Due to today’s economy more and more people are facing foreclosure on their homes because they can’t make the payments. It didn’t start out that way—they came to their lender with their down payment and they were given a loan. For years everything was fine and they could make their mortgage payment every month. Now that fuel is so high many people have to make a choice to borrow from Peter to pay Paul, as the old saying goes. To buy fuel for the vehicle to go to work, something else may have to slide. The problem is that sliding on the mortgage payment can have a snow ball effect. Missing one payment often leads to missing another and another; but all is not lost. There is a way to stop home foreclosure.
If you are having problems making your payments, don’t wait until you are in deep trouble. Stop home foreclosure by talking with your bank representative. Don’t wait until you are 3 months behind; call them as soon as you know you are having difficulties. Your bank doesn’t want to take your house from you, because they stand to lost a significant amount of money. Be honest and tell your bank representative what your problem is. You may be able to renegotiate the loan for a lower interest rate and lower payment. If you can’t make the first payment, you may be able to tack that payment onto the end of your payment and pick up the payments from there; but you have to communicate with your lender. They are ready and willing to help you wherever they can.
Stop home foreclosure by making your mortgage loan your first priority. Do not put any bill ahead of your mortgage payment. If you have credit cards that you are paying before your mortgage, don’t do it. It is better to lose a credit card than to lose your home. Your credit rating will take a huge hit if you miss payments or are consistently late with your mortgage payments. Don’t worry as much about your credit cards as you should your home, because if your credit rating does take a hit from you not paying your mortgage on time, you may end up losing your credit cards anyway, because they check your credit rating periodically.
To stop home foreclosure you have an option to get out of that mountain of debt by selling your home. You know if you are in trouble, so if you are, you can sell your home and walk away with some profit to purchase another home more affordable; and because of today’s economy, many homeowners will stop home foreclosure by downsizing.
You can stop home foreclosure by looking where you can cut back. You may not have to sell your home either. If you work for yourself and you pay for an office, you can rent or sell that office and move your office to your home. If you have two or more vehicles, you may be able to get by with one. With a little planning and forethought you can stop home foreclosure before it even begins.
A mobile home foreclosure is not the same as a home built on a foundation. The bank does not want to foreclose on or repossess the property, unless they have no choice, because the cost of moving the mobile home off the property will be an added expense that the bank will have to incur. Mobile homes depreciate in value like a car, rather than appreciating like real estate. The bank will lose a significant amount of money if it has to follow through with a mobile home foreclosure or repossession.
Foreclosures are costly, and it is even more costly for the bank that financed the mobile home, because there is little chance that the bank will recoup their investment. The bank is more likely treat the mobile home foreclosure like selling a used car. They will sell it for whatever they can get out of it. If it were a real home the bank were foreclosing on, they would stand a better chance of getting back most of their investment; but since it is a mobile home foreclosure, the bank will do whatever is necessary to get back as much of their investment as possible.
To save your home, you must take the threat of mobile home foreclosure seriously. You have some things to consider when you are facing mobile home foreclosure. Can you afford to lose your home? Do you owe more on it than it is worth? What about your credit? If the bank forecloses on you, your credit rating will have a negative mark against it. Can you rent an apartment, home, or mobile home for what your mobile home payment is? If rent would cost you more than your present mobile home payment, you would be better off saving your mobile home from foreclosure.
These are desperate times, the economy is bad. People are losing their jobs due to rising fuel prices. Before you ever miss the first payment, you need to talk to your lender. Communication is the key to prevent mobile home foreclosure. Your lender may be able to help you; you might be able to lower your payments by negotiating an interest only period in your loan. You might be able to negotiate an interest only schedule for a year or two, where your payments could be significantly reduced. You will still owe the principal, but this period of interest only payments could help you resolve your financial issues.
If you are physically able you might be able to prevent your mobile home foreclosure by getting a second job raise your cash flow. Many people work a second job to make ends meet. Examining how you spend money can give you a clue to how to heal your financial situation. Your mobile home payment should be your number one priority, then your utilities come next. Stop all spending that isn’t necessary; cut up the credit cards and pay them off. Pay off existing debt without incurring more debt in the process. There are many ways to stop mobile home foreclosure; being honest with your lender, admitting you have a problem is essential for saving your home from foreclosure.
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