Can You Still Stop Foreclosure In The Current Housing Crisis?
By Ben Needles
In spite of reports stating foreclosures are showing evidence of decline in some states the overall numbers are still increasing nationwide. With over a million loans in default and more expected now through the end of 2008 the overall outlook is bleak.

These days homeowners trying to stop foreclosure are asking whether they qualify for help. In spite of what one may have heard it is fairly easy to determine if you can get help to avoid foreclosure. The basic pre-qualifying questions are:

1. Do you want to keep your home?

2. Is your mortgage payments are 3 or more months behind?

3. Have you taken steps to rectify the situation that caused you to fall behind on your payments to start with?

4. If you can honestly answer yes to all the above questions there may be help available.

Now you have to determine what stop foreclosure option would work best for your particular situation. Just how many options are available and which is the right one for you?

Should you consider filing for bankruptcy?

This is an option using a Chapter 13 where you agree to pay back all creditors under a court approver plan. Keep in mind this is not so easy to do anymore with the new restrictions put in place making it much harder to file. Also consider the long-term ramifications on your credit.

Is an attorney the right answer when looking at foreclosure prevention options?

There are relatively few attorneys that actually specialize in foreclosures. Many that claim they do are actually attorneys with little or no experience in foreclosure matters.

What if you allow your lender foreclose on your home?

It is in your best interest to do everything you can to keep your home off the auction block. Allowing the home to go back to the lender

makes it almost impossible to finance a home in the future. You would actually be better off filing before allowing the lender to take back your home.

Are you able to exercise the option to refinance your mortgage?

Given your specific situation refinancing a loan isnt always the best solution. Refinancing for most people in the best of situations can be a long and difficult process and if you are already one or two payments behind on your mortgage that will make it all the more harder. This is when a knowledgeable consultant is invaluable for guiding through your decision making.

What is a stop foreclosure service and can they save your home from foreclosure?

The main argument for hiring a company to help you stop foreclosure is the looming deadline. Time is working against you. Their expertise is in dealing with this issue on a daily basis. They have the resources, experience, and support networks in place to call into action at a moments notice.

So can you stop home foreclosure in the current housing environment?

The answer is yes but deciding which option to use to keep your home can be a difficult one. The best advice is too take action and seek professional help well before the problem becomes to much to handle on your own.

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