Stop Foreclosure - How To Keep Your Home and Credit Intact

by: Leslie Collins - 5/2007
BORROWERS AND HOMEOWNERS - It is absolutely essential that you know the options available to you if are facing foreclosure and credit damage. Knowing your options can STOP FORECLOSURE and credit damage, and may be the difference between:1) Keeping your house or losing it 2) Keeping Your credit intact or destroying it through bankruptcy. If you need more information on how foreclosure can damage credit and how you can FIX your credit score see: foreclosure and credit damage.

Loss Mitigation Works

Due to the anxiety on the borrower and timing constraints brought on by the NOD ( Notice of Default), it is recommended that a reputable professional with experience in LOSS MITIGATION help you understand and execute the least damaging foreclosure option.

Loss Mitigation Examines Your Options

WATCH OUT FOR INVESTORS WHO ONLY WISH TO BUY YOUR HOUSE! The key is working with someone who will counsel you, identify your hardship, and then execute the BEST solution for you to STOP FORECLOSURE. A company like "Home Assure" is reported to treat homeowners with compassion and empathy while really striving to learn about their financial situation. Knowing who to talk to, what to do and when to do it is CRITICAL in foreclosure situations.

Use Loss Mitigation To Minimize Your Losses

It is critcal to seek LOSS MITIGATION help if you think you will have trouble continuing your mortgage payment - and leading to foreclosure. WHY? Foreclosure Links Stop foreclosure - 8 steps Stop Foreclosure - resources Foreclosure Retention Options You need to determine as EARLY AS POSSIBLE the severity of your problem. Did you simply miss a mortgage payment because of a one time cash flow set back? Did you get laid off from work? Have you been injured and can't work? Are you going through a divorce? You may very easily avoid or stop the foreclosure process by working with the RIGHT LOSS MITIGATION PROFESSIONAL. All these questions will help a good loss mitigation counselor determine if you should KEEP or SELL your home. Loss Mitigation Professionals , will try very hard to keep you in your home, stopping the foreclosure and credit damage, if possible, either by loan modification or a reinstatement - forbearance type of agreement with your lender. You should only work with loss mitigation professionals that will sit down with you and really understand your financial situation and exhaust all RETENTION strategies first. You have a lot at stake and you need compassion and empathy as part of the solution.

Can't Continue Payments? Use A Foreclosure Specialist

If your certain you CAN'T make the future payments and no loan modification can be worked out, only then should a LIQUIDATION STRATEGY be considered. Many times, selling your property is the only way out - BUT you can minimize your losses. A good foreclosure specialist will arrange a quick sale of your property whereby you will keep some equity, minimize further credit damage and stop the whole foreclosure process. So, Step one when faced with potential mortgage default is to FIND an honest, ethical foreclosure specialist that cares about YOUR interests first. Doing nothing is the costliest option - you will face foreclosure and credit damage and lose your home.

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