Colourview Ontario Real Estate

Posts Tagged ‘Financial Lender’

Are you a homeowner who is experiencing financial difficulties?  If so, foreclosure should be a concern of yours.  Unfortunately, many homeowners believe that foreclosure will go away.  Yes, many truly know this will not happen, but some do convince themselves that the best thing is to do nothing.  Do not make this mistake.  To protect your credit and your home, you need to know when and where to seek help.

Today’s economy is hurting many companies, such as those in the auto industry.  For that reason, many employees are finding themselves laid off.  If this happens to you, you need to seek help immediately.  That help should come from your mortgage lender.  This is important because even if you are able to draw unemployment, there is often a waiting period.  Let your lender know that you will be unable to make a full payment for the next month.  Be sure to state that you intend to either find a job or use your unemployment check for your mortgage.

Another issue that should be discussed with your mortgage lender is injury.  Are you injured and can’t work?  Whether you will receive disability or worker’s compensation, there is a waiting period.  In fact, this waiting period may take up to six weeks or more!  In this time frame, you may miss one or two mortgage payments.  Do not let your mortgage lender get the wrong impression.  If you will be able to return to work in a few months, bring proof.  Have a notice from your doctor, as well as from your employer.  When a mortgage lender can see that you will be returning to work and your previous financial status soon, they should be more willing to work out a temporary payment plan with you.

In addition to speaking with your financial lender, advice can be sought from a real estate agent.  If you are facing long-term financial problems, as opposed to short-term, it may be within your best interest to sell your home before you are faced with foreclosure.  Depending on the value of your home, the realtor you hire, and the amount you owe on your mortgage, this is a sale that you may be able to profit from.  At the very least, get enough money to pay your mortgage in full and relocate.

Once your home is in the stages of foreclosure, a lawyer is usually the only professional who can get you out.  With that said, lawyers are faced with limited options once foreclosure has begun.  They may be able to stop the proceedings by having filing for bankruptcy.  Action can be taken if you and your attorney can prove that your mortgage lender discriminated against you or took illegal actions.  Otherwise, it may be time to start looking for a new home.

Speaking of relocating, many homeowners don’t know what to do or where to go.  This is despite the fact that many saw foreclosure coming from a mile away.  What you will want to do is contact the United States Department of Housing and Urban Development (HUD).  Their mission is to make sure that all Americans have access to safe and affordable housing.  You can speak to a HUD approved housing counseling who can help you review your options.

As you can see, you don’t and shouldn’t have to face foreclosure alone.  No matter what stage in the process you are at, there are professionals who can help.

Are you a homeowner who is facing foreclosure?  If so, know that just because foreclosure is down the road, it doesn’t mean that you have to travel that far.  You should know that you do have a number of different options.  One of those options starts in the pre-foreclosure stages and is known as a pre-foreclosure sale.

As for what a pre-closure sale it, it is when the home is sold before foreclosure.  Often times, it is immediately before a foreclosure auction is set to take place.  As for why some homeowners wait so long, they are looking for a reprieve from the lender.  Unfortunately, those in poor financial standing are unlikely to get that reprieve.  That is why all homeowners should familiarize themselves with pre-foreclosure sales.

As previously stated, not all homeowners are able to receive assistance from their lender.  If you find yourself in this position, a pre-foreclosure sale may be the only way to keep your credit in good standing.  A foreclosure can negatively impact your credit for years to come.  In keeping with credit, some lawyers will have their clients declare bankruptcy to stop foreclosure or hang onto the home.  This is also risky.

If you make the decision to sell your home, it is a wise to make arrangements with your lender.  A financial lender who knows that you are actively trying to sell your home is more likely to give you time to allow that sale to take place.  As for that sale, it can be handled by you or by a realtor.  If you are upset about the loss of your home, a realtor is advised.  This is because it can be difficult dealing with prospective buyers who seem to have no regard for you or your troubles.

If you use the services of a realtor to help with the sale of your home, you may receive more money.  This is because retailers tend to sell homes at or around their assessment value.  Although not much may be left over, after paying your mortgage and the realtor, it may be enough to help you make new living arrangements.  Since buying a home likely isn’t an option, you should have enough for a security deposit and first and last months rent.

As it was previously stated, buyers interested in pre-foreclosure sales aren’t always careful with the words they choose.  You may have to deal with people who look down on you.  Yes, they are usually in the wrong, but you must handle the situation calmly.  Unfortunately, there are many misconceptions that surround those facing foreclosure, most of which are not true.  Remember to always keep your head held high.  As painful as it may be to deal with a “jerk,” at least you can avoid foreclosure and keep your credit in good standing.

Perhaps, the biggest downside to selling your home, through a pre-foreclosure sale, is the loss of your home.  In fact, this is why many homeowners wait until the last minute to okay the sale of their home.  It is a decision that many homeowners are uncertain about.  Please know that unless you can get your mortgage back to good standing, you will lose your home regardless.  A pre-foreclosure sale at least lets you retain a decent credit score, as your mortgage will be paid off and hopefully in full.