foreclosure
- June 15, 2008
Foreclosure Looming Don’t Give Up Hope!
It looks like the housing market is not out of the thicket yet. Many mortgages are about to reset interest rates that are no doubt going to rise as the economy begins to stabilize. Many experts are forecasting that by the end of the year the worst of the current economic troubles will be over and the markets will continue a very slow uprising. In response, the Federal Reserve just might start rising those interest rates that have seen nothing but cut after cut since September of 2007.
Homeowners are preparing to pay higher interest rates on their mortgage loans especially those who have an Adjustable Rate Mortgage. Many homeowners are going to reset to higher interest rates and when this happens defaults and foreclosures will continue. This, of course, is all speculation but for all intensive purposes is being taken as gospel. As a result home owners need to start making a plan.
Now, for those already facing foreclosure or are about to default on mortgage payments it’s not time to throw in the towel. There are still several option left open to homeowners and all of them require that you spring into action right away.
You have to be proactive and if you see that you will miss a payment contact your lender immediately to work something out. Many lenders will be willing to work with you if you bring the issue to their attention immediately. If you do miss a payment you will still need to contact the lender after the initial 30 days since many will post the missed payment to credit bureaus. After this is done your credit rating will suffer and continue to suffer after each delinquency date. This will make it much more difficult to secure a loan or refinance your mortgage to help you stave off foreclosure.
If you are able to work out a payment plan with your lender you will have to do so within your means. Make a budget to figure out how much you can pay the lender, seek credit counseling, and find out if you can refinance.
It is very possible to avoid foreclosure if you have missed a mortgage payment. The key is to act fast and work with the lender.
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