Option #1: Ask for Help

Before you decide what to do with your foreclosure situation, you can ask for help. There are government assistance for foreclosure as well as state assistance programs to help homeowners prevent and avoid foreclosure. There are even mortgage assistance grants and loans to help certain homeowners in foreclosure.

One of the hardest things a homeowner in foreclosure has to face is to bury their pride and ask for help. However, homeowners should realize that they are not alone, a lot of people face foreclosure and have to ask for help. The sooner they ask for help the better their chances of getting the right kind of help and at the right time.

Who can help homeowners in foreclosure?

The first people to think of getting help from is the federal government. Then you should seek a state government help for foreclosure. Then there may be churches or organizations in your county or city that help people in foreclosure or who are behind in their mortgage payments.

Once you have exhausted all the government help, mortgage grants and aids, you can look into getting help from private real estate investors who specialize in helping homeowners in foreclosure.

There are private investors who have an unusual edge over all of the other investors. These real estate investors will truly care about your financial well being, only working to make your situation better. Of course, they probably will make some money in the process but at least it will be a mutual gain situation. Before you begin, you should find out the value of your home using the free home valuation tool.

Your first goal is to be able to stay in your house if at all possible, and when a realtor or real estate investor negotiates with your bank for the discount of your home’s debt, you can have them put off the otherwise un-movable auction date to give you more time. Keep in mind, there should be no costs to you at all!

Pros: 

You will have the chance to not only avoid foreclosure, but to stay in your home, retain all of your dignity, and possibly save your credit from having any negative items.

Cons: 

If you have some Equity in your home, then you will have to forfeit a fair portion of it. If you don’t have any equity built up, then the only drawback is that there is a chance your lender won't allow it. Some lenders will not allow your home loan amount to be reduced, particularly if the home in question is a great investment that they feel they can make more money from after repossessing it. Fortunately, we have a suite of tools and tactics we can use to dissuade them from thinking that your home is a great investment after all. We will you with many resources that you need in order to convince your lender to reduce the amount of debt that you owe, giving you new options that you won't even have access to otherwise. Either way, you’ve got nothing to lose.