Today’s world is still filled with economic stress, from heavy debt to foreclosure concerns. If you’re asking yourself how to stop foreclosure on your home, you’re in luck. I’m sure you’re wondering how facing foreclosure could possibly lucky, but I was once in the same place, terrified of losing my house to the bank. When I was there, I was so scared of having to give up my home that I went online to find out if there was anything I could do to stop it. I came across this free consumer resource website called Real-estate-yogi.com and got more information than I thought could be out there. There are lots of options to prevent foreclosure. Let me tell you some of what I learned.
The first thing Real-estate-yogi.com suggested that I do when I was looking for answers to how to stop home foreclosure was to go talk with my lender. Generally, your lender will try to work with you if your history with the bank has been good. You can find out if your bank or credit union has its own loan modification or refinance program. If it does, ask which option will be best for your situation. Be ready to prove that you have a financial hardship (someone lost their job, medical problems, taking on the care of an elderly parent) and that you can handle a new, lower payment. Then decide if refinancing, in which the first mortgage loan is paid off and a new one with better terms is drawn up, or modifying, where the original mortgage is changed somewhat to give you a lower payment, is better for you. If for some reason your own bank cannot help you, there are other ways to stop foreclosure.
I chose to go through a new lender, one that participates in HAMP (Home Affordable Modification Program), to help me save my home. You simply find out which nearby credit unions or banks are part of this program and then fill out some paperwork. I chose loan modification to give myself an answer to “how do you stop foreclosure on your home?” I wouldn’t have known about this choice if it hadn’t been for my research on Real-estate-yogi.com. With my new credit union’s help, the interest rate on my mortgage was lowered by almost 40%, making my payment much less each month. I could afford the new amount without the worry and stress that I’d had before the modification. What a relief!
Real-Estate-Yogi.com is there for folks like you and me. They have thousands of fiscal and realty experts on board who can provide us with the answers we’re searching for. Give them a call at 1-800-987-1397 to get your free initial consultation. You’ll be glad you did.