Recently, I have had many clients who have called me with worries about loans that are about to adjust, and their inability to refinance do to lower appraisals. I have gathered some contact information that may help. The last thing you want to happen in this market, is to loose your home. There are many people that do not understand bank short sales. We are seeing quite a few of them in this market. A short sale is when the bank allows you to sell you home for less than you owe. Banks do not want any down time and a short sale is better than a foreclosure. The short sale will not adversely affect your credit and you will be able to buy again in two years.
If you have any questions about your home—please call me and I will try and get answers for you.
If you are a buyer ---Now is a great time to buy these reduced homes—
Here is some immediate information to help you save your home and your credit-------
1. Call your lender immediately. The sooner you contact your lender (look for the toll-free number on your monthly statement), the more options will be available to you. Ask for the loan mitigation department.
2. Talk with a reputable credit counseling agency. You can call the Homeownership Preservation Foundation (toll-free 888-995-HOPE) or find a local HUD-approved counseling agency (toll-free 800-569-4287 on weekdays) or go to www.hud.gov.
3. Know your loan modification options. Depending on how quickly you call your lender, the following loan modification options may be available to you: forbearance (an agreement to temporarily let you pay less or nothing while you get back on your feet); reinstatement (pay the total amount you're behind in a lump sum by a certain date); repayment plans (you'll be given a fixed amount of time to repay the amount you're behind by combining a portion of what's past due with your current payment); and, loan modifications (a written agreement between you and the lender that permanently changes one or more of the original terms of your loan to make it more affordable, such as extending the loan term or lowering the interest rat
Online Resources:
Hope Now
http://www.hopenow.com/
Government coalition focused on helping people avoid foreclosure.
CNN Money
Beating Foreclosure: Who to Call
RISMedia
5 Ways to Take Advantage of the New Freeze on Real Estate Foreclosures
Read more by Ilyce R.Glink at her Personal Finance and Real Estate Center
XBroker Blog Some serious mortgage information
BlownMortgage Blog Consumer Mortgage Tips
- NUMBER1EXPERT™ 
