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Preventing Foreclosure
It is amazing to hear about the amount of foreclosures happening all over the nation. Speaking as a Floridian we see more of it here than any place other than California maybe. But what amazes me more is the amount of homeowners who just let foreclosure happen to them without taking action. Many times just by simply calling your lender and letting them know what is happening they will eagerly work with you to avoid foreclosure. If you are only one or two months behind you need to be proactive and call them. The truth is that they don't want our home. They want your payments. Lenders are in the lending business, not the real estate business. Many lenders will even consider giving you more time to make up the delinquent payments by simply adding it to the end balance of the loan. Another thing to consider is refinancing to a lower rate. Currently FHA will allow you to refinance up to 95% of your home's value and the requirements are not as stringent as people may think. However you must have no late payments on your current mortgage. This is important. Late mortgage payments are not just a deal-killer when it comes to reifnacing a mortgage but will also drag your overall credit score down as well.
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Contributor's Note
I am a Licensed Mortgage Broker in the State of Florida. This advice is given based on general knowledge of certain mortgage principles. You should always consult with a local professional before making any decisions.
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This intel was contributed by jginzo
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May, 2012
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