The Titanic was unsinkable. That’s what the experts thought, at
least. Likewise, most experts believed that property values in the United States would continue to rise for as far as their foresight could see. Unfortunately, the short-sighted experts were tragically wrong. The housing bubble burst, as all bubbles eventually do, leaving many homeowners stranded at sea and drowning in debt. If you’re like most homeowners in default or facing foreclosure, you probably never imagined yourself in such a dire situation. Maybe your loan officer sold you a time-bomb loan, like a particularly high-risk adjustable-rate mortgage (ARM), and convinced you that if the interest rate rose too high, you could always refinance and get a lower rate. Maybe you purchased your house thinking your job was secure . . . and then the economy tanked. Perhaps you’re one of the many people without medical insurance who got sick and was quickly buried under a mountain of medical bills.
Whatever hardship you’ve experienced, your American dream of homeownership turned into a nightmare. You now own a home you can’t afford. You’re way behind in your payments with little hope of catching up, or your monthly income is insufficient to cover the payments, or both. You probably can’t qualify for refinancing. Due to falling property values or negative amortization (more about that later), you may even owe more on your home than you can sell it for. You want to do the right thing without filing for bankruptcy or simply jumping ship, but you really can’t afford your current mortgage. Now what? A guide that can help
you transform your leaky ship into your own personal lifeboat.
Foreclosure is a lose :
Foreclosure is a lose-lose-lose-lose option. It hurts everyone. Homeowners lose their homes. Lenders lose performing assets and the costs of foreclosure ($50,000 to $80,000 by some estimates). Neighbors see their property values drop up to nine percent per foreclosure. Neighborhoods become less stable and more vulnerable to crime. The economy suffers. And foreclosure wipes out the property tax base, providing communities with less money for schools, police protection, fire departments, and other vital services.
loan modification is a win :
On the other hand, an affordable loan modification is a win-win win- win alternative. It keeps homeowners in their homes and makes their mortgage payments more affordable. Lenders avoid the full expense of foreclosure and are able to transform a nonperforming asset into a performing asset. Neighborhoods remain stable. Property values stabilize. Homeowners have more money to pay bills and stimulate the economy, and tax revenues can begin to recover.
help you transform :
This topic is designed to help you transform lose-lose-lose-lose situations into win-win-win-win situations through loan modification. Here, you discover field-proven strategies and techniques for negotiating an affordable loan modification with your lender to keep your home, lower your monthly mortgage payment, and catch up on any past due payments. In addition, you discover plenty of advice for developing long-term solutions to keep you on the right track.