With the economy being the way it is right now, there are more and more scam artists out there who are looking to prey on people who are struggling to keep their homes. This is something that really bothers me...in fact it makes me mad! Why would they take advantage of people who are already hurting financially? I don't really know. The only thing I can do is give you some information and shed some light on this issue.
So here it is, if you are facing foreclosure, in simple terms,here's what you have to do:
1) Make sure you are prepared by having your financial information ready.
The bank will ask for:
* Hardship letter
* Most recent bank statements
* W2's
* They will ask for monthly financial information, your income and expenses(so get these ready: credit cards, utilities, car payments, etc.)
*The bank may even send you a package to fill out. I recommend filling it out completely and immediately. Make sure you keep a copy for yourself and if asked to fax, fax it atleast twice, this way you can make sure they receive it.
2) Talk to the bank! Depending on your situation, the bank may ask you to;.
*Modify your loan- this may help you catch up if the bank extends your terms or
lowers your interest rate.
*Special forebearance- if you have experienced a decrease in your income,the bank may(if you qualify) arrange for a repayment plan or a suspension of payment.
*Pre-foreclosure Sale or Short Sale- to avoid foreclosure, you may be able to sell
your home for an amount less than the amount you owe.
*Deed-in-lieu of foreclosure- to voluntarily give the property back to the lender.
Please DO NOT pay someone else or even a "loan modification" company any money. Why pay them when you can do this on your own. It will take a bit of your time, but it is worth it if you can save money and possibly save your home.
Please be aware of scams out there, believe me they are out there. Check out this info I got from the Attorney General's website;
Avoid Being a Victim!
Any questions, feel FREE to contact me, get it FREE! I don't charge to give people advice =)
