How Do I Stop Foreclosure Before it is too Late?

It is true that a snowball rolling down hill gets bigger and bigger. Mine started rolling when I lost my job. Though I found another job, it didn’t pay what my old job did, and I found myself falling behind, and needing to find a credit-yogi help stop foreclosure . I had no idea where to turn. I had heard terms such as short sale, refinance, and HAMP, but to be honest, I had no idea what they were or what to do. Thanks to Credit-yogi.com, I was able to find the answers I needed, and you can too.

You will find answers to questions like:

• How do I Stop Foreclosure?
• What is Loan Modification or HAMP?
• What is a Short Sale?

How Do I Stop Foreclosure? Stopping foreclosure can be confusing in what is sure to be a stressful time. It’s important you have a good source of information to help. There are several ways to prevent foreclosure. What works best for you will depend on your situation.
1. Short Sale: Where your lender agrees for you to sell your house for less than what you owe on it. You do not get to remain in your home, and you might be liable to pay the balance that the short sale does not cover.

2. Loan Modification or HAMP: Getting a modified loan instead of mortgage foreclosure, rates and terms to cover what you owe on the home while making your monthly payments lower and more manageable.

3. Bankruptcy: Depending on whether you choose Chapter 7 or 13, you may or may not get to remain in your home, and you may or may not have to pay the mortgages after foreclosure you owe.

4. Refinance: If your credit is still good, and your mortgage has a high interest rate, particularly if you have equity in your home, you can refinance for a longer term and lower interest rate, which should give you a lower, more friendly monthly payment.

What is Loan Modification or HAMP?

A loan modification can be done through a private lender or may be part of a government subsidized plan such as the obama hamp loan modification (or HAMP). With a loan modification, it is possibly to substantially lower your monthly payments by getting late fees and/or penalties waived as well as taking advantage of lower interest rates and longer term lengths to further lower the monthly payment.

What is a Short Sale?

A short sale is a situation where, when foreclosure is imminent, a lender agrees to put the property up for sale to the highest bidder, even though the asking price may be less than is currently owed on the property. A short sale is a way to avoid foreclosure, but you still lose your home, and you may be required to pay the difference in what is still owed on your mortgage after the short sale is finalized.
Why wait? Take advantage of the tools and services available now!