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Say No To Foreclosure
by Bobby Johnson
Homeowners now have the power to withstand the threat of losing their homes from
foreclosure. According to 20/20 foreclosures are at a 30 year high across the
nation.
The reason is that homeowners don't know what their options are. Too many
homeowners are being victims to losing their homes because no one really knows
how to help them. When they seek credit counselling or see a Hud representative,
they generally don't get the help they need and are still prone to foreclosure.
Most homeowners do not want to sell their homes but they are force to in order
to prevent a foreclosure. Most file Chapter 13 but don't realize that it's just
a band aid and not the source of their problem. The Chapter 13 adds another
expense on top of the mortgage even thought their creditors are place in Chapter
13 and their bills are being reduces.
Most homeowners will be right back in a pre-foreclosure within a few months
because of mismanagement of household expenses and not enough income.
Investors claim they help homeowners save their credit, what they are really
doing is helping themselves to the homeowners equity.
Mortgage lenders are advertising "We will re-finance with less than perfect
credit" but they don't tell you 30 percent equity in the property is require in
a pre-foreclosure.
Realtors will list the house for sale knowing it will take a good 90 days or
better to get a qualify buyer. The homeowner will lose their home by that time.
Internet foreclosure companies ordered some course off the internet claiming
they can make $5,000 per month helping homeowners stop foreclosures. These
companies don't have a clue how to do it.
If all they can do is get you qualified for a re-payment plan, then they really
have not help the homeowner. The collection department will make a re-payment
plan their first choice because they really don't want to spent the time it
takes to give the homeowner a workable plan.
The only thing the internet foreclosure companies really know how to do is take
your money and not give it back when they can't help you. ( Note: Paying online
foreclosure company and out of state is dangerous to your wealth). I know,
because I have seen homeowners lose thousands going this route because of
desperation.
Homeowner can save thousands and eliminate the stress that is associated with a
pre-foreclosure. No longer do they have to fall victims to the hungry
predators zeroing in for the kill. Mortgage lender will work with the homeowner
if the homeowner present a workable plan.
Copyright 2004, All rights reserved
About the author:
Bobby Johnson is a Comprehensive Financial Planner who speaks on the topic
"How to Eliminate Debt and Build Wealth", "How To Get Triple AAA Credit with The
Help From The IRS." He is the author of " How To Save Your Home From
Foreclosure and Not Lose Your Mind" http://www.foreclosuremanual.ieasysite.com,
You may reach him by email: bjohn54928@aol.com |
