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Avoid Foreclosure!
Stop Foreclosure Free
Home | Loans we do | Chapter 13 Loans

"The lost Mitigation tools you will read below, gives any homeowner the information they need to stop a foreclosure for little or no money."

Some organizations charge more than five hundred dollars to use the same information below to stop a foreclosure, a homeowner can do the same with this information themselves, at no cost

The bank that holds the mortgage can put together the paperwork and get paid by the Government to process the work. (some banks may charge a small fee)

When you miss your mortgage payments, foreclosure ,may occur. This is the legal means that your mortgage company can use to repossess(take) your home when this happens, you must move out of your home, if your home is worth less than the amount you owe, the bank, or HUD can seek an deficiency judgment. If that happens you do not only lose your home, you would also owe the bank, or HUD an additional debt. Foreclosure or a deficiency judgment would seriously affect your ability to qualify for credit in the future

DO NOT IGNORE THE LETTERS FROM THE BANK

If you are having problems making your payments, contact your bank immediately. explain your situation. Be prepared to provide them with financial information, such as your monthly income and expenses.  Without this information, they will not be able to help. Stay in your home for now.  You will not qualify for assistance if you abandon your home.

SOME OF YOUR OPTIONS INCLUDE THE FOLLOWING:

Special Forbearance.
 
Your mortgage company may be able to arrange a repayment plan based on your financial situation. Your bank may even provide for a temporary reduction of suspension of your payments. You may qualify for this if you have recently lost your job or your source of income or if you had an unexpected increase in living expenses. You must furnish information to your bank to show that you would be able to meet the requirement of the new payment plan.

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Foreclosure learning center
use the links below.

Foreclosure Process#1

Foreclosure process#2

Undocumented Foreclosure secret

Mortgage Modification

You may be able to refinance the debt and/or extend the term of your mortgage loan. This may help you catch up by reducing the mortgage payments to a more affordable level.  You may qualify if you have recovered from a financial problem but your net income is less than it was before the default.

Partial Claim

Your bank may be able to work with you to obtain an interest-free loan from HUD to bring your mortgage current. You may qualify if
 
1. your loan is at least 4 months delinquent but no more than 12 months delinquent
2. your mortgage is not in foreclosure; and
3. you are able to begin making full mortgage payments.
 
 
When your bank files a Partial Claim, HUD will pay your bank the amount necessary to bring your mortgage current. You must execute a Promissory Note, and a Lien will be placed on your home until the Promissory Note is paid in full. The Promissory Note is interest-free and will be due if you sell or leave your home, or when your mortgage matures.

PRE- FORCLOSURE SALE.
 
This will allow you to sell your home and pay off your loan to avoid foreclosure and damage to your credit rating. you may qualify if:
 
1. the "as is" appraised value is at least 70% of the amount you owe and the sales price is
    95 % of the appraised value.
 
2.  The loan is at least 2 months delinquent prior to the per-foreclosure sale closing date; and
 
3.  you are able to sell your house within 3 to5 months. 
    (depending on what your bank agrees on)
 
An additional benefit to this option is the assistance you will receive with the Seller-paid   closing cost.
 

If you are going to use this option please click the link below and read it.

Use our Help

Deed-in-Lieu of foreclosure.
 
As a last resort, you may be able to voluntarily "give back" your home to the bank. This won't save your home, but it will help your chances of getting another mortgage loan in the future. you can qualify if:
 
1. you are in default and don't qualify for any of the other option.
 
2. your attempts at selling the house before foreclosure were unsuccessful; and
 
3.  you don't have another mortgage in default

NOTE:IF YOU DO NOT HAVE A GOVERNMENT INSURED LOAN, THERE ARE WAYS TO DEAL WITH THE BANK USING TECHNIQUES THAT ARE SIMILAR TO THE ONES ABOVE.

If for any reason you need to call me please fell free to do so
 
Curtis Ross, Foreclosure Master.
Direct mortgage Corp.
843-769-9810 ext29

E- Mail me @ Direct Mortgage

Copyright 2000-2004 Curtis Ross


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