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To Stop Foreclosure

Aug 14, 2008
The rot continues in foreclosure with insiders not expecting a turnaround anytime soon. Hundreds of thousands of ex-homeowners today are foreclosure casualties of the current real-estate meltdown. Some had not resisted but the majority did try but failed to stop foreclosure because the odds were stacked against them. Things are different today and there is every chance that a foreclosure can be averted.

To be sure, dealing with a foreclosure is a deliberate matter, to say the least. When a foreclosure becomes imminent due to delinquency in servicing a mortgage, an elaborate personal due diligence exercise is in order. In current times, preventing a foreclosure at all cost is no longer a foregone conclusion. Depending on the individual situation, the homeowner in the dilemma might be better off dropping the fight and focus instead on damage mitigation.

The decision to fight or let must be based on methodical and comprehensive evaluation of all options that are available at this point. Fortunately, help is found all around and extensive information on foreclosure rescue and mitigation programs is readily available: lender negotiation, relief program, alternative funding and refinancing, disaster benefits, scam artists and predatory lenders, financial advice and counseling, respite service and so forth.

As soon as it is decided on which direction to go, the homeowner must move swiftly especially if the choice is to confront and counter the foreclosure. A day of inaction in the fight to stop a foreclosure is a day lost into thin air but don?t overreact and jump the gun instead. The two basic approaches to avert foreclosure are DIY (do-it-yourself) or third-party specialists. DIY is enriching but testing while specialists is convenient but cost money.

Either way you go, or it could jolly well be a combination of both, a few fundamental steps must be taken: -Take charge immediately and assume the Commander-in-Chief position. -Identify the scams and cons and steer clear. -Research all options and focus only on those that are applicable. -Stay positive and never presume ineligibility without enquiring.

This is undoubtedly a mammoth task but the internet and other agencies are well-stocked with information resource. Numerous guides and handbooks on how to stop foreclosure have also mushroomed all over the shop.

While the overall situation remains grim, the horizon seems to have cleared up a little. Consumer confidence index (Conference Board, June 2008) actually improved, albeit marginally and in a symbolic twist, home prices in Atlanta, Boston, Charlotte, Dallas, Denver, Minneapolis and Portland increased month-on-month over April (S&P/Case-Shiller, May 2008). Meanwhile, the government is now even helping lenders to help their mortgagers with their latest bill (Housing and Economic Recovery Act 2008), on top of continually bringing more rescue channels to defaulting homeowners.
About the Author
If you're faced with foreclosure or one is looming, we can point you in the right direction. Visit us at To Stop Foreclosure for tips and information on How To Stop Foreclosure .
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