Avoid Foreclosure: Help for Borrowers Who Can’t Afford to Pay Their Mortgage
Avoid Foreclosure: Help for Borrowers Who Can’t Afford to Pay Their Mortgage
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Home Page > Finance > Real Estate > Avoid Foreclosure: Help for Borrowers Who Can’t Afford to Pay Their Mortgage
Avoid Foreclosure: Help for Borrowers Who Can’t Afford to Pay Their Mortgage
Posted: Jun 11, 2009 |Comments: 0
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Avoid Foreclosure: Help for Borrowers Who Can’t Afford to Pay Their Mortgage
By: Simon Volkov
About the Author
Simon Volkov specializes in helping homeowners avoid foreclosure. To date, Simon has helped nearly 400 borrowers obtain short sale approval. His website at www.SimonVolkov.com offers a comprehensive article library packed with information and resources on foreclosure, short sales, bankruptcy and money management.
(ArticlesBase SC #966913)
Article Source: http://www.articlesbase.com/ – Avoid Foreclosure: Help for Borrowers Who Can’t Afford to Pay Their Mortgage
Learning how to avoid foreclosure is on the minds of many distressed homeowners. Unstable economic conditions, escalating unemployment rates, and a decline in housing prices have created uncertainty and fear across our homeland.
Relatively few options exist to avoid foreclosure. One common practice is for lenders to modify the borrower’s mortgage loan. Loan modifications permanently change the terms of the note. Lenders consider many factors before modifying a loan. The borrower must first provide evidence they can cure arrearages and remain current with their payments.
Every mortgage lender handles delinquent accounts differently. Standard protocol is established, but lenders have flexibility when restructuring mortgage notes. Much depends on the borrower’s payment history; balance due on the loan; and financial stability.
Loan modifications can include a grace period where payments are temporarily reduced or suspended. Others might roll past due payments to the end of the loan and extend repayment terms. Some banks require payment of delinquent amounts or a down payment before entering into a loan modification.
Most banks have a loss mitigation department which handles delinquent accounts. When borrowers fall behind in their house payments, the lender turns their account over to a loss mitigator. One of their primary duties is to help borrowers establish a feasible repayment plan and stop foreclosure.
With an ever-growing list of foreclosure filings, loss mitigators are overwhelmed with short sale requests. It is not uncommon for a mitigator to receive one hundred requests per week. These bank employees carry an extensive caseload and have little time to waste. Borrowers can increase their chance of success by being organized when making contact with their assigned loss mitigator.
Experts suggest developing a timeline of events that caused you to fall behind in your mortgage. Create a list of income and expenses to determine how much you can contribute toward repayment of your loan. Calculate your annual household income. Include a list of household expenses, transportation costs, credit card balances, insurance premiums, taxes, etc.
Loss mitigators appreciate working with homeowners who are prepared and organized. The more details you can provide, the easier everyone’s job will be.
When borrowers do not qualify for a loan modification, the bank might offer a short sale. This type of transaction is complicated, but can be a saving grace for borrowers who want to avoid foreclosure.
With short sales, mortgage lenders agree to accept less than the borrower owes on their loan. The process usually takes four to six months to complete. Borrowers must show proof they are financially insolvent and unable to repay their loan. Banks require substantial financial documentation.
The property must be listed through a licensed realtor and a buyer located within a few months. Considering the current condition of the housing market, it is highly recommended to work with a realtor or lawyer with a strong understanding of short sales.
Retrieved from “http://www.articlesbase.com/real-estate-articles/avoid-foreclosure-help-for-borrowers-who-cant-afford-to-pay-their-mortgage-966913.html”
(ArticlesBase SC #966913)
Simon Volkov -
About the Author:
Simon Volkov specializes in helping homeowners avoid foreclosure. To date, Simon has helped nearly 400 borrowers obtain short sale approval. His website at www.SimonVolkov.com offers a comprehensive article library packed with information and resources on foreclosure, short sales, bankruptcy and money management.
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avoid foreclosure, mortgage loan, loan modification, loss mitigation, loss mitigator, short sale, mortgage lenders, realtor, lawyer
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Simon Volkov specializes in helping homeowners avoid foreclosure. To date, Simon has helped nearly 400 borrowers obtain short sale approval. His website at www.SimonVolkov.com offers a comprehensive article library packed with information and resources on foreclosure, short sales, bankruptcy and money management.
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