If the bank or lender has started foreclosure proceedings, you have probably received letters from companies claiming they can help you out of this stressful situation. For the most part, they want to buy your home below its' market value & then they will turn around and sell it at a profit for them. This might be o.k. if you don't want to keep your home and continue to live in it. Remember, when your home is sold below the mortgage amount, this results in a short sale & damages your credit even more. Most people don't want to sell their home & try to start over, especially when they don't get any money out of it. Now, it can be very difficult to even rent something with poor credit.
There are much better options available that will let you keep your home and get your good credit back!
Depending on the equity in you home, there is a No Credit Check, No Income verification home loan program available. This wonderful program is helping many people save their homes and possibly put some much needed cash back in their pockets. There are also conventional financing programs available, if you know where to find them.
If you do not have lot of equity or even none at all, that's still not a problem. Banks and lenders will negotiate better terms on existing mortgages. They really do not want to be in the real estate business. This type of negotiation can be tricky and somewhat difficult to accomplish. It is always best to have someone very experienced and familiar with the banks and lenders guidelines to present your case for you. This procedure will move along quite quickly when done right.
There are even private investors who will pay off your default amount to stop the foreclosure, and then refinance the property. They will then do a sale lease-back for you. You'll stay in your home and have the necessary time to get back on your feet. The payments to the investor are often lower than you had been paying on the original mortgage.
The good news is, you do not have to lose your home and live with bad credit for the rest of you life!
You can learn how to deal with your foreclosure problem today. Download our FREE forclosure prevention book at: http://www.consolidatedsg.com/bestnews4you/fc
Any questions on this information please email me at: bestnews4you@yahoo.com
