|
Foreclosure Can Happen to Anyone
Foreclosure is something that many people think can never happen to them. The reality is it can happen to anyone. There are many reasons that may leave us forcing foreclosure:
Rising Interest Rates
Unemployment
Personal Tragedy
Health Problems
Death of a Family Member
These are just some of those very real reasons. In desperate times, the last thing we need is to lose our homes and potentially break up our families.
At Genesis Lending Group, we are committed to assisting you with keeping your home. We will act on your behalf and negotiate with your lender. Whether your goal is to stay in your home or simply get out of it without going through foreclosure... We can help make it a reality.
Perseverance
And Discipline Can Prevent Foreclosure
The
United States has experienced a truly remarkable boom
in the housing market over the last few years. Now
that the market is undergoing a correction though,
many families are in increased danger of losing their
homes to foreclosure. While foreclosure may be a scary
prospect, it's by no means inevitable if you're
willing to allow us to work with your lending
institution to come up with a solution that allows you
to still make payments in the face of whatever kind of
financial hardship you may have encountered.
Generally
there are two types of things that your lender can do
for you in order to help you through a tough spot so
that you can keep your home and your credit score
intact. In the short term, the lender can allow you to
put off making payments or make payments at a reduced
rate for a certain amount of time until you're back on
your feet. This is a good tactic to use if you've been
temporarily disabled by an injury or an illness. You
will still have to pay a little more each month for a
while afterward, but this process, which is called a
forebearance, will allow you to recover from a mishap
and keep your home. We can help stop foreclosure
proceedings on your home.
There
are also several different solutions to longer term
financial problems. The most talked about solution is
refinancing. When you refinance your mortgage it means
that you get a new mortgage- often through a different
lender- and use it to pay off your existing mortgage.
This tactic has a number of benefits. For example, you
may be able to get your new mortgage for a lower
interest rate and possibly one that will stay stable
over the course of the lifetime of the mortgage.
Another benefit is that you might be able to get your
existing lending institution to accept a payment
that's less than the amount that you originally
borrowed to pay off the mortgage. This effectively
lessens the amount that you'll have to pay back!
Another
possibility is to modify your existing mortgage. With
mortgage modification, we deal with your lender so
that you and your lender can agree to a lower interest
rate or a longer payback period. It's a lot like
refinancing, but without having to get another lender
involved.
The
least favorable possibility, but one that's better
than foreclosure, is to sell your house. If you really
can't make the payments, and probably won't be able to
make the payments for the foreseeable future even with
refinancing or mortgage modification, we can ask your
lender to suspend payments while you're actively
trying to sell your house. Once the house is sold, the
proceeds of the sale are used to pay off the
lender.
This
is a much more satisfactory situation for the lender
than foreclosure because the lender is likely to get
more money out of it, and it's a better situation for
you because your credit and dignity are preserved.
Regardless
of the nature of your money problems there are a few
things that you need to do. First, you should contact
us and tell us about your situation as soon as
possible. The next thing that you should do is start
to cut out unnecessary expenses.
Cutting
your spending is extremely important when it comes to
showing your lender that you're serious about doing
your part to keep your home. A lender will be much
less likely to let you skip payments or give you a
lower interest rate if it sees that you're continuing
to spend money on cable TV, expensive restaurants, and
luxury cars.
Perseverance
and discipline are the keys to keeping your home away
from foreclosure. Call our toll free number today and
let Genesis Lending Group help you save your home from
foreclosure.
|
