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             28 February, 2021
 

    
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Stopping a Foreclosure - The Secret to Avoid Foreclosed Properties

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2009-09-10 02:56:04     
Article by Maria Faith

Foreclosure is a dreadful reality in real estate that all homeowners are desperately trying to avoid amidst the economic downturn. Now more than ever, cases of foreclosures and properties in short sale listings are increasing throughout the years. In this ailing industry, bombarded by the continual impact of the subprime crisis and credit crunch, foreclosure is surely inevitable. However, those vowed never to lose their hard-earned investment to eventual foreclosure, there are several options to consider. Before going to the details of how to stop foreclosure, it is important to know other vital components for its occurrence.

What are common causes of foreclosure?

There are obvious reasons why properties are in high risk of getting claimed back by the bank or mortgage lending companies. It is no surprise that the world is facing a serious dilemma on its economy and this is one of the most prominent factors for such trend.

• Retrenchment, job demotion and untimely job loss.
• Medical emergency, unexpected illness or even death in the family.
• Too much debt obligations and the failure of the homeowner to comply with payments imposed on increased adjustable interest rates.
• Involving in mortgage frauds and scams.

What are ways to stop foreclosure?

Although there are several ways to prevent foreclosure based on the different reasons cited above, homeowners must have the openness to expect the worse. Some of the effective ways in order to avoid foreclosure starts with the prevention of receiving a Notice of Default. Banks and lenders do not commonly want to foreclose properties under their jurisdiction however they also do their part to protect their interest. Thus, the moment you realize you cannot possibly comply with your payment obligations, communicate and inform your lender as soon as possible.

Here are other effective ways of avoiding the dreaded foreclosure of your cherished property.

• Repayment plan. The reason why you need to have an open line of communication with your lender is to negotiate possible solutions to your problem. You may ask your lender to approve a repayment plan to catch up to the payment terms for your mortgage. This works by adding an agreed amount to your monthly dues in an extended period of time or until such time you fully paid your loan.

• Modification of your loan. The processes in this method is to freeze or modify the interest rate of your current loan to prevent it from increasing or to suit an amount that is manageable for your financial allocation.

• Short Sale. This is applicable for properties which have a much lesser market value compared to the amount you need to pay for your mortgage. It is important to inform the lender about your option for short sale before you put your property on the list.

Foreclosure is just a phase in the real estate sector that several homeowners need to face consequential to the economic conditions in the world today. The secret to surviving this unwanted stage in the real estate market is to find the right resources and people to assist you throughout the process.

Specialized in: Glendale Houses - For Sale - Glendale
URL: http://www.allglendalerealestate.com
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