Stop Foreclosure with Facts and Foreclosure Help.
To stop foreclosure, homeowners are often in the dark when it comes to finding foreclosure help. Some foreclosure options will affect your credit more than others. Foreclosure options and foreclosure help are available for free at www.RealtyBites.net.
Los Angeles, CA (PRWEB) June 4, 2005 -- Ignoring default and foreclosure notices is the worst thing a homeowner can do. It will not stop foreclosure. The simplest solution is to contact the lender to arrange ways to repay the arrearage. This will stop foreclosure quick!
Borrowing from friends or relatives can be a great way to stop foreclosure except for the possibility of putting a strain on relations. If currently employed, refinancing or a junior loan might be the way to stop foreclosure. Most mortgage brokers are reputable and ethical lenders. The small number of predatory lenders creates an incredible scare to borrowers. Here are ways to avoid mortgage fraud:
1) Be sure to comparison shop for interest rates to ensure the most affordable loan despite your credit rating.
2) Some borrowers may only qualify for a sub-prime mortgage with higher-than-average interest rates. This can be acceptable, but if the payments are really not affordable, try another option.
3) Hard money lenders will require a refinance rather than an additional mortgage and tend to be short term. This is not usually a good plan to stop foreclosure. These types of loans best serve contractors or investors needing temporary cash.
4) Predatory lenders might purposely place a consumer in a mortgage where interest rates increase and/or other negative factors are included knowing the borrower cannot afford payments over time and make the loan impossible. The lender could then foreclose and financially benefit from reselling the property.
5) Falsifying loan documentation is illegal, but can occur. Ask for a copy of the documents prior to closing with time to have them reviewed by an impartial third party.
6) The most appalling form of mortgage fraud consists of making loans to mentally incapacitated homeowners. Again, an impartial third party such as a real estate attorney would be in the consumers best interest.
7) Avoid forged signatures and last minute changes of terms by getting a copy of the documents to review prior to closing.
8) While reviewing loan documents, look for increased interest charges for late payments and prepayment penalties.
9) To learn more about predatory lenders as well as become alert to various mortgage scams, visit the Mortgage Bankers Association of Americas website at www.mbaa.org.
There are countless ways to deal with difficult situations. Several factors to consider when presented with default or foreclosure include whether you want to keep your home or not. Realty Bites investment company offers access to a network of solutions with no referral fees.
In Part II of this article that follows on Friday June 10, 2005, well cover additional foreclosure options to stop foreclosure. Immediate information and foreclosure help for distressed homeowners can be found at http://www.RealtyBites.net or toll free by phone: 866.780.8380.
About Realty Bites, The Homeowners Foreclosure Alternative:
Realty Bites is based in Los Angeles, CA and offers relief to homeowners nationwide. By adding online and toll free assistance, homeowners have been able to find a fresh start from all over the world.
Contact Information:
bella e. samel
Realty Bites, The Homeowners Foreclosure Alternative
866.780.8380
http://www.RealtyBites.net
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