It may be possible to receive forms of financial help to stop foreclosure, so you can save your home. It will be an uphill battle, to be quite honest, but you just may be able to hold off the bank long enough to get back on track, so you can keep your home. This is not an impossible task, especially with many banks sitting on tons of seized properties. Many banks don't want to take your home, since they most likely won't be able to sell it during these tough times. This gives you a fighting chance to pull it all off, especially if you are still in the early stages of the seizure process. Here are some things you can do to buy time, and get financial help to stop foreclosure, including checking out a sample hardship letter.
Where can I find free assistance?
You can find financial help to stop foreclosure in a few different places. Please realize that none of these sources will be a guaranteed success story, but if you try many of the different sources, you just may find some free assistance to keep your home. Here are some places you should start your search for financial help to stop foreclosure and save your house.
US Department of Housing: They have free counselors available and can assist home owner by helping to make mortgage/rent payments for a short period of time. This is great financial help to stop foreclosure which may allow you to keep your home. Not only does the US Department of housing assist low income families with places to live, but they can also aid individuals with disabilities. This may be just what you are looking for. Be sure to visit them, either online, or by phone. It may be all the free assistance you need to hold the bank off while you attempt to save your house.
Home Ownership Preservation Foundation: Sometimes called homeowner's hope, this organization is nonprofit and willing to offer you some free assistance during your time of need. You will need to meet certain qualifications to receive financial help to stop foreclosure from this group, but it's worth checking out. To find out if you can qualify, call (888) 995-HOPE and speak to a counselor free of charge. It's often wise to use nonprofit organizations like the Home Ownership Preservation Foundation so you don't end up just taking out another loan in an attempt to save your house. They offer legitimate means to hold onto your house. It's a great place to look for financial help to stop foreclosure, especially during the early stages of the process.
HUD - EHLP: You can get help from the government to save your house. HUD, a federal government program, is offering no interest loans that are bridgeable to those that have suffered substantial decrease in income. Called EHLP, Emergency Homeowner Loan Program, it's designed to help people stay in their houses and keep the banks from foreclosing. A no interest house loan could save you.
Go to your bank: Yes, the bank that is trying to take your home may be able to steer you to some free financial help to stop foreclosure, or help you to refinance your home to avoid foreclosing. The banks are sitting on many seized properties during these tough economic times. As a result, many banks actually prefer not to get your home back, they want their money instead. Since real estate isn't moving, they stand to make more money if you keep the house and start making payments. Your local bank will have access to several free government programs where you can find financial help to stop foreclosure. I know it seems odd to get assistance from the bank when they are the ones trying to toss you out, but it really can be the difference between keeping your house and losing it. If you need to find financial help to stop foreclosure, you may actually find some free assistance from your lender.
Local government agencies: You may actually be able to qualify for various assistance programs. This would free up money to get caught back up on your mortgage. This may be the financial help to stop foreclosure you need to get by. You may qualify for various programs that can offer free food and other items, along with assistance in paying your bills. This could allow you to pay some of the arrears you owe on the home, so you can save it. It's a great place to look for financial assistance to stop foreclosure.
About short sales: Short sale agreements with banks can be a good alternative. Essentially, the bank will allow you to sell you house for less than you currently owe on your mortgage. Whether or not you have to pay the difference is up to the deal you work out with the bank.
Quick sale options: Some homeowners decide they simply cannot afford to hold onto their homes any longer, but still would like some form of financial help to stop foreclosure, so they don't have it show up on their credit report for years and years to come. For those people, a quick sale may be in order. Keep in mind that the bank will hold a lien on the house, so you must make sure you get enough to pay them off, unless they are open to a short sale. If this seems like the option you want to move forward with, try contacting homevestors, or a similar business that buys homes outright in days. There are plenty of them out there to choose from. When you need financial help to stop foreclosure, sometimes a quick sale is just the thing to look at. You can generally get a free offer from home buyer businesses within a few days.
How do I buy more time?
Okay, let's say you are looking for financial help to stop foreclosure, but you need to buy some time to hold off the bank. This is very possible to pull off. Here are some steps to take to extend the process, which will allow you more time to search for financial help to stop foreclosure. Attempt to negotiate a refi in good faith. When it doesn't happen, continue with these steps.
· Communicate with your bank: This is THE most important step to take. Make an appointment and speak with a representative from the lending institution. Let them know you are looking for financial help to stop foreclosure. Ask for a little more time.
· Show up at court: Many homeowners don't show up at court. This is a mistake. You can tell the judge what you are working on. The court system may grant you additional time to look for financial help to stop foreclosure.
· Put some money down: Put something on the table other than your elbow when you meet with the bank. You need to buy time as you search for financial help to stop foreclosure. Sell a few unwanted items or do whatever you can to raise some money. You have a better chance of saving your house when you can put some money down on your arrears. This can buy you enough time to find financial help to stop foreclosure. Consider a bad credit personal loan to get you caught up only.
When you search for financial help to stop foreclosure, you should devote all your free time to finding ways to save your home. It's a tough battle, but it's one you can win.