Regain Your Financial Freedom and Stop the Foreclosure Process
Have you fallen behind in your house payments? The loss of a job, medical expenses and other hardships can cause even a person with the best intentions to fall behind on their payments. No matter how hopeless your situation feels, you do have options. However, when you are facing foreclosure, it is important to remember that time is of the essence. You must act quickly to protect your rights.

Although admitting you are having difficulty making your house payments can be embarrassing, seeking assistance can put an end to the foreclosure process. Remember, lenders do not want to foreclose on your home, and will usually try to work with you to help you get back on track with your payments.

Contact us today for a free consultation to learn how you can save your home and regain your financial freedom. You may call us at Toll Free: (888) 291-5451 or Local: (813) 882-5618 - or click here to e-mail us.

What to Do When You Are Facing Foreclosure
If you are facing foreclosure, make sure to follow these three important steps

• Step #1: If you are having problems making payments, contact your lender as soon as you realize your payment is going to be late.
• Step #2: Do not ignore phone calls or letters from your lender. Contact them to explain your situation. Be prepared to provide them with financial information including your monthly income and expenses.
• Step #3: Understand your options and know your rights in your state.

Keeping vs. Selling Your Property
The general rule is that if your monthly house payment (including property taxes and insurance) does not exceed 40% of your gross monthly income, it should be possible for you to keep the property. If the payment is greater than 40% of gross monthly income, you should consider selling or transferring the property to avoid negative impacts to your credit.

Common Approaches to Ending Foreclosure
Depending upon your situation, there are multiple approaches you may consider to put an end to the foreclosure process.

Lender Workout: If you had a temporary financial setback that has since been resolved, you may be a candidate for a lender workout. With a lender workout, you will workout a payment plan with your lender to get current with your loan and avoid foreclosure. Ask yourself, and possibly your lender, the following questions:

• Can you make up the defaulted amount over a period of months?
• Can you re-write the note and include the defaulted amount?
• Can you give the lender a deed-in-lieu of foreclosure and preserve your credit?

Your lender will want to know why the loan is in default and why you think you will be able to make the payments in the future. Your lender will probably not be inclined to stop foreclosure proceedings if they have reason to believe they will have to start proceedings again in 6 months.

Refinancing: Basic lending guidelines require most home loans to total no more than 80% of the current market value. If you have more equity than that, you should have no difficulty in obtaining a new mortgage. Expect higher interest rates and loan fees.

Loans to Get You Current: If you experienced a temporary financial setback that has since been cured and are going to be able to keep the property, first consider family and friends for a loan to get current. It's much cheaper than hard money loans, but MAKE SURE you will be able to pay them back. You do not want to put them in the position of having to foreclose to get their money back. Hard money loans are typically private investors who will lend money based on equity in the property. Credit and income are not issues of importance and loan approval is usually a matter of days with funding following shortly. Loan amounts will usually be enough to bring existing loans current, pay the financing costs and put some money in your pocket. Loans will be amortized over 30 years to keep the payments lower and the balance will be due in 2 to 5 years.

Bankruptcy:
Bankruptcy should be used only as a last resort, as it is a major step that will have lasting impact on credit reports. Bankruptcy is a federal court process that helps individuals and businesses repay their debts under the protection of the bankruptcy court or wipe those debts out completely. When you file for bankruptcy, an automatic stay goes into effect, prohibiting your creditors from taking action to collect the debt without the approval of the court. If the Notice of Default has just been filed on your home, you have sufficient time to explore the options for new loans or selling the property. If the foreclosure sale is going to be held very shortly, bankruptcy is a very common way to delay the sale. When you file bankruptcy, your financial matters fall under the jurisdiction of the courts which could limit your options. Prior to seeking bankruptcy, you should obtain appropriate legal advice.

Contact Us to Learn About Your Options
If you are currently delinquent or are facing foreclosure, you need help now. As time passes, thousands of dollars in penalties and legal fees can be added to the balance you owe. And, every single day, extra interest is added.

Contact us today for a free consultation to learn how you can save your home and regain your financial freedom. You may call us at Toll Free: (888) 291-5451 or Local: (813) 882-5618 - or click here to e-mail us. Please don’t be afraid or embarrassed, we understand your situation and will not judge you. There are no contracts, obligations or commitments implied by requesting help from us, whether you follow our advice or choose a different option.