Recession is a word that if you had only heard once in a while in the past, you are now hearing on a avoiding home foreclosure. With all of the other matters up in the air and out of our hands, avoiding home foreclosure does not have to be. While we hear of all of the people losing their houses due to the inability to keep up with their mortgages, no one has really sat down and explained why this is happening. In the meantime, we delve into this a little deeper. First of all, the cost of living is going up. Meaning, that at this time last year, groceries and gas prices were well below what they are now. So, people took these prices into consideration when budgeting just how much expendable income they had left after everything was paid. With a sound budget in place, who would ever have to worry about a hefty mortgage payments, much less a fight for avoiding home foreclosure? However, while the cost of living was slowly rising, income levels remained the same. The same amount of money is coming in, and more and more going out. Unfortunately, people did not foresee the costs of living rising as quickly as they did, and so they went in search of homes that fit into their original budget range. Some bought homes that still left them a financial margin, a little breathing room, just in case. While others splurged looking at it as a long term investment and bought just barley under or even over what they could currently afford. Banks saw this as an opportunity to make a ton of money in the long run, by lending these home buyers the money that they needed to cover what they could not afford. They would tack on astronomical interest rates, or adjustable rates that would inflate as time went on. So, a house that started off costing $450,000, after you calculated the interest you would be paying the bank by the end of the loan, made that price nearly double. As the cost of living rose, the people who once could barley afford to be making the payments they were making, instantly fell behind. While the ones who were doing alright, suddenly found themselves strapped. Both parties are now desperately struggling with avoiding home foreclosure. With the way the market is going, it may seem inevitable, but there are ways of doing this. Banks know this, and have done everything within their power to keep these tactics quiet. Knowing that if everybody succeeds avoiding home foreclosure, they will not be paid the high interest rates that they have cleverly tacked onto the loans that they have provided. There are free services and resources available to help you learn the techniques needed in avoiding home foreclosure for up to 2 full years. Even after you have been served with a foreclosure notice, you still can save your home from foreclosure if you know what to do and how to do it.
Let me just give you some tips that worked well for me avoiding home foreclosure:
- Never evade your lender; this will trigger an automatic filing. But at the same time you have to be extremely cautious when you talk to your bank, because if they realize that you income is not enough to afford even lower mortgage payments, they will accelerate the foreclosure process.
- You should never sign your house title to anybody at all; it does not matter the sweet deal they offer, most of the time are scams. Be aware of scammers that want to take advantage of your situation.
- Never agree to any deal that suggests that you walk away out of your home.
- Watch offers like short sales and deals like that. In this environment it will never work. Most homeowners are upside down in their loans, so short sales it is not a plausible option. You will end up out of your home for good.
- If you receive a foreclosure notice, do not ignore it, but do not request a court day, until you know what is going to happen in the hearing.
- If you have some money saved, maybe enough to make a mortgage payment, but not income to keep paying month to month, do not use that money to pay your mortgage, there is better thing you can do at this point, avoiding home foreclosure for one month is not going to keep you in your home for long.
- You need have some knowledge about how the process works in order to stop the banks from winning, and keep the lenders from putting you out of your home.
- Be really careful when dealing with Counseling Agencies. Not matter what they say, they are Business, and are in for the money, not to help you.
Avoiding home foreclosure is not impossible. With a little time and effort, and use of the wealth of information available to you, it can be done. If you are still living in your home, it is not too late to save your family from home, and quite possibly their financial future. BTV Home Buying Services is a real estate solutions company based out of Fayetteville and to all cities of Atlanta Georgia. We’re a family owned business and focus on helping homeowners like you find solutions for your problem whether you’re going through a foreclosure, can’t sell your property, have a home in bad condition or maybe your inherit a house that you don’t want or just need to sell their Fayetteville house for all kinds of reasons. Contact Us Now Click Here
