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Avoiding Foreclosure

Published On: August 17, 2010


 

Let's face it, the current high stress economy has taken it's toll on just about everyone.  It's true, there's no shame in admitting it.  Of course what most people don't know is that there are ways of avoiding the loss of one's home and the complete destruction of their credit.  Century 21 McDaniel & Associates would like to enlighten you to some of the methods for staying in you're home and avoiding Foreclosure.

One of the very first options that should be considered is to Refinance your home.  With this option the homeowner is given an entirely new mortgage on their house.  This means the possibility of lowering your interest rates, your monthly payment or adjusting other terms of your loan to better provide you the with the means to stay in your home.  The other upside to Refinancing as opposed to the other options is that Refinancing has no negative effect on your credit whatsoever. 

A second option to help you stay in your home if you're drowning in past due amounts and late fees is to apply for a Repayment Plan.  This plan will help you make you mortgage current as well as resolve your delinquency.  The way this usually works is that the mortgage company will help you set up a plan where you pay back your delinquency over a set amount of time (e.g. 3, 6, 9 months).  This amount will be attached to your current mortgage payments.  This option is much less damaging to your credit than a Foreclosure though it does have a slightly negative effect on it.

That will conclude this discussion of options to stay in your home and avoid Foreclosure.  Next time we will have a couple more options to discuss with you that will allow you to avoid Foreclosure and retain your home.  Until then remember that if you're looking to sell your home Century 21 McDaniel & Associates is here to help you with a slew of agents always ready to assist you.  So call us today! (951) 652-0645 and (951) 925-7628.  Thank you everybody! Until next time!


Century 21 McDaniel & Associates

The REO, Bank Owned, Foreclosure and Short Sale Experts!