Sep 09 2008
Foreclosure Solutions Do Exist
Although the number of homeowners facing foreclosure has increased dramatically over the past year, there are numerous ways to ward off foreclosure. Borrowers can attempt to have your mortgage modified by calling a credit-counseling organization or contacting the servicing agent of their loan. Some borrowers have even been able to cut their monthly payments in half by doing this. Another technique to avoid foreclosure is the short sale of the home. The borrower will lose any equity in the home and will be forced to give the property up to the new buyer, but no foreclosure will appear on their credit report.
While some borrowers have been successful using these techniques, those who have managed to save their homes remain only a small fraction of people at risk of losing their properties. One in every 464 U.S. households received a foreclosure filing in July. More than 2.2 million foreclosure filings were reported during 2007, up 75% from 2006. The number of homes in some stage of foreclosure was up 79%, indicating that some properties may have just entered the initial stage in 2007 and could be completing the foreclosure process in 2008. I have seen the increase first hand and have developed a way to aid borrowers in defeating the banks at their own game. Visit www.ForeclosureDefenseSecrets.com for more information on how to stop foreclosure and save your home, or complete a short sale in which you can manage to retrieve any equity put into the home and even end up with a profit.
