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Learn How To Stop Foreclosure

Jun 3, 2008
Don't fall victim to only looking at what's most affordable for you today. Keep in mind that you also need to weigh the options on how any and all of the financial decisions you make will also affect you financially down the road.

Just like a doctor, each person's options need to be thoroughly diagnosed before prescribing any medication. So don't go into the refinancing arena without first examining your present financial situation, and the long-term affects that refinancing, verses perhaps, outright selling can have! You see, you must evaluate where you will be in both the long term and the short term.

The worst decision I see being made is where someone refinances, only to find he is right back in the same situation within the year. At this point, he typically loses it all: home, credit and self-esteem.

As I just mentioned, every individual situation is different. I can tell you though, that a general rule of thumb is that there are no rules of thumb! Don't let anyone persuade you to make financial decisions that are right for you, based on what someone else is doing.

I'm going to cover a bunch of financing options, but here are a few to get your wheels spinning.
Are you beginning to see how important it is to plan out the best route for your personal situation ahead of time? Before long, you'll see how even the smallest financial decision can reap huge benefits or become a financial disaster!
A very common question among homeowners comes up when faced with decisions about adjustable vs. fixed rate mortgage options. Which one is better?

Again, there are no general rules of thumb about which kind of mortgage structure you should set up. A lower adjustable rate may sound great now, but may come back to haunt you in a few years! Usually, if you plan on staying in your home for a few years, you will want a fixed rate loan. If you're going to move sooner, an adjustable may be better. Of course, your own situation should be examined.

It's also extremely important to know if and when you can float and lock-in the rates on your fixed or adjustable rate mortgage during your financing process. No one on this planet can predict what interest rates will do. Just always remember, make sure you understand the fine print before you sign the dotted line!

Sometimes, conventional/normal-refinancing channels (banks, credit unions, mortgage brokers) just won't work out for some reason or another. Now we're going to quickly take you through some various "creative financing" options. Take note of the different alternatives to saving your home utilizing these strategies!

Equity Sharing partners put up part of the required cash to cure. Foreclosure partners pay part of monthly payment. Partners get some percentage of ownership. Partners get their money out at refinancing or sale down the road. Private mortgage lenders, rich people or pool of rich investors loan money to poor credit buyers, although at high rates can be refinanced when credit is re-established. As usual, make sure you get all the information you need to make the right decisions, before you take any action! There's a bunch of ways to generate the money you need to refinance a home!

There are so many loopholes and financial traps to look out for, lacking the right professional back-up ends up costing the homeowners way more than they might have saved by trying to handle all the legal issues themselves!

Needless to say, a self-defense team you put together on your side can creatively help you save your home, your credit, and future financial and legal disasters!
You should have an attorney review the foreclosure filing.

Getting financial planning advice before you even consider refinancing is the best way to go! As you can see, refinancing a home involves a lot more than just coming up with a down payment! You want to profitably position yourself for both your short and long term financial picture. This can't be done without a financial review, and creative options investigated first! Your mortgage lender should also be motivated and willing to help you with alternative and creative financing options available.

Success in stopping a Foreclosure requires setting realistic goals, quantifing those goals, figuring out where you are now, gathering all the information you can, designing a plan and implementing a plan. Without preparing a "stop the foreclosure!" plan, in my opinion, you'll have a very small chance of ever getting what you want! Or, you may find yourself settling for less because you didn't know of, or thoroughly understand, all the available options that are available to you. As you can tell, curing a foreclosure requires a plan and a team. A team of professionals who work for you, who can help you set up, and implement your coordinated plan!

You should now understand that there are many, many critical factors in determining the fate of your home ownership. There are also critical errors being made everyday, such as not understanding creative financing, not being aware of hidden costs and not asking the right questions, paying too much interest over the life of the loan, listening to the wrong people and misleading suggestions on what you should do, seeing only short term financial options, instead of long term too and not having proper professional help!

I've covered all of these mistakes in this report. I hope you paid close attention and have realized all the different elements involved in refinancing your home during this time of crisis. Most of all, I hope you will now know how to avoid these costly mistakes, and save yourself thousands of dollars!

As much as I would have liked to tell you that curing a Foreclosure is a simple experience and takes no skill or knowledge, I simply can't do that to you! You must be observant, open to ideas, and plan the best moves to save your credit and your home from the inevitable!
About the Author
Timothy A. Crane Private Real Estate Investor We buy houses and help people with their situations and give them options that they did not know they had. Cash For Your Home http://www.cashmoneyhousebuyer.com
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