Preventing Foreclosure Proceedings and Understanding Your Options

Every year over 8 million homeowners are seeking help preventing foreclosure proceedings. This is a stunning 30 year high. Experts project that by 2006, 12 million homeowners will be teetering on the brink of foreclosure. Many homeowners are not aware that they can prevent foreclosure and save their house. Did you know that you can stop the proceedings up to an hour before the auction takes place?

As a homeowner facing foreclosure there are various options available. We will briefly examine some of the most popular options.

Reinstate the loan ? Ideally you would like to be able to pay the loan payments that you are behind on and bring the loan current. These costs would include whatever owed on the missed payments, and any additional late charges or attorney fees. This is the most efficient way when preventing foreclosure proceedings.

Get forbearance ? When a lender forecloses on a property it is expensive for them. They would rather work out some sort of arrangement than proceed with the foreclosure. Talk to your lender and see if they are willing to work out a plan that outlines a way to get current on your mortgage. This agreement will vary depending on the situation and the lender. Some things they may be able to help with are a temporary reduction or suspension of your payments. If you have a FHA VA or other government loans you may qualify for even more options.

File for Bankruptcy - Some attorneys may advise a homeowner to file for bankruptcy. This is a legal way to avoid the foreclosure process. However the process may still continue and you will be stuck with bad credit for 7 years. You should consult your attorney about the option of bankruptcy.

Sell your home ? The problem with selling the home is that if you list it with and agent, and it still is not sold the lender does not care, you are still on the foreclosure clock. The best way to go about selling the home in this situation is to contact a real estate agent that is familiar with foreclosure investing. They may be able to put you in contact with investors that will be happy to buy your home. Preventing foreclosure proceedings can be as easy as getting in contact with a foreclosure investor.

Deed in lieu if foreclosure ? This is when you would voluntarily give the house back to the lender. The lender is not obligated to accept it. You should discuss with the lender how they will report it back to the proper agencies. Should the lender choose to refuse the deed they are required to file a Notice of non acceptance with the county recorder.

Nothing ? We mention this because many homeowners will ignore the lender and do nothing. Don't fall into this trap. You have options when in foreclosure, you just need to talk to someone and find out what the best options for your situation are. Visit www.foreclosure-helper.com for a free no obligation consultation of your situation. One of our experienced foreclosure specialists will contact you with a personalized situation analysis.

Mark Lambie is the owner and operator of http://www.foreclosure-helper.com a website dedicated to helping homeowners facing foreclosure. We provide a wealth of information on the whole foreclosure process.

In The News:
table border=0 width= valign=top cellpadding=2 cellspacing=7trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serifa href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.postchronicle.com/news/business/article_212190469.shtmlcid=1277091985ei=1gc3SfroONbemQfs97ytDwusg=AFQjCNHXELydyH0FVR0EtvWAT5CIOrjOHAimg src=http://news.google.com/news?imgefp=YuTugCVI7XMJimgurl=www.postchronicle.com/images/articles/sale.jpg width=80 height=51 alt= border=1brfont size=-2Post Chronicle/font/a/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.easybourse.com/bourse-actualite/marches/mortgage-refinance-applications-soar-as-rates-fall-573131cid=1277091985ei=1gc3SfroONbemQfs97ytDwusg=AFQjCNEZi1mgKkQcqXIKbjlrqhTue2YCHwbMortgage Refinance/b Applications Soar As Rates Fall/abrfont size=-1font color=#6f6f6fEasyBourse.com,nbsp;Francenbsp;-/font nobr30 minutes ago/nobr/fontbrfont size=-1The bMortgage/b Bankers Association#39;s index of brefinance/b applications posted a record 203.3% increase over the previous week. Additionally, the US Treasury b.../b/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.bloomberg.com/apps/news%3Fpid%3D20601087%26sid%3Da_i8357NDD7k%26refer%3Dhomecid=1277091985ei=1gc3SfroONbemQfs97ytDwusg=AFQjCNHKYC-Oe0dRP-08hgxsKneQi8xS1QUS MBA’s bMortgage/b Applications More Than Doubled Last Week/a font size=-1 color=#6f6f6fnobrBloomberg/nobr/font/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.marketwatch.com/news/story/big-rate-drop-sends-mortgage/story.aspx%3Fguid%3DABF1DD99-9E4D-4F47-94EE-7E0956A6FE64%26dist%3DSecMostReadcid=1277091985ei=1gc3SfroONbemQfs97ytDwusg=AFQjCNH8VOIJQYjykEqLHFC8neHIPR4WMAbMortgage/b applications up 112.1% last week, due to drop in rates: MBA/a font size=-1 color=#6f6f6fnobrMarketWatch/nobr/font/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.google.com/hostednews/ap/article/ALeqM5iGO3ptAO6a54_9bVj7EorgcgBWSQD94RAE1G0cid=1277091985ei=1gc3SfroONbemQfs97ytDwusg=AFQjCNHwVNJaIUhRXKUfN4I9aZ8FL06mEQbMortgage/b application, brefinance/b volume surge/a font size=-1 color=#6f6f6fnobrThe Associated Press/nobr/font/fontbrfont size=-1 class=pa href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.usatoday.com/money/economy/housing/2008-12-03-mortgage-applications_N.htmcid=1277091985ei=1gc3SfroONbemQfs97ytDwusg=AFQjCNFa06gHdaqs4ymMF7aAAyci42YjGQnobrUSA Today/nobr/anbsp;- a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.reuters.com/article/economicNews/idUSN0333008520081203cid=1277091985ei=1gc3SfroONbemQfs97ytDwusg=AFQjCNH3ZyEB3C5RHxtOn56uYXblu423BgnobrReuters/nobr/a/fontbr/font class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1277091985hl=ennobrall 142 news articles/nobr/a/font/div/font/td/tr/table
table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.reuters.com/article/ousiv/idUSTRE4B27JG20081203cid=1276773558ei=1gc3SfroONbemQfs97ytDwusg=AFQjCNF9otpykpmnirnb3XLObRQSbLcc4gLower bmortgage/b rates help but jobs, prices key/abrfont size=-1font color=#6f6f6fReutersnbsp;-/font nobr1 hour ago/nobr/fontbrfont size=-1Applications to buy and brefinance/b homes hurtled higher last week as the lowest rates since the summer of 2005 unleashed pent-up demand. b.../b/font/div/font/td/tr/table
table border=0 width= valign=top cellpadding=2 cellspacing=7trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serifa href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.smh.com.au/news/national/fixedrate-trap-snares-43000-home-owners/2008/12/03/1228257139097.htmlcid=1277181419ei=1gc3SfroONbemQfs97ytDwusg=AFQjCNH4ltIEtPtE7uMJM4tyC4_frp5fYgimg src=http://news.google.com/news?imgefp=H67Akanm7v8Jimgurl=www.smh.com.au/ffximage/2008/12/03/christopher_zinn_narrowweb__300x490,0.jpg width=49 height=80 alt= border=1brfont size=-2Sydney Morning Herald/font/a/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.smh.com.au/news/national/fixedrate-trap-snares-43000-home-owners/2008/12/03/1228257139097.htmlcid=1277181419ei=1gc3SfroONbemQfs97ytDwusg=AFQjCNH4ltIEtPtE7uMJM4tyC4_frp5fYgFixed-rate trap snares 43000 home owners/abrfont size=-1font color=#6f6f6fSydney Morning Herald,nbsp;Australianbsp;-/font nobr9 hours ago/nobr/fontbrfont size=-1quot;People who are on a fixed-term bmortgage/b are invariably surprised to find out the size of the break fee when they choose to brefinance/b,quot; he says quot;Often it b.../b/font/div/font/td/tr/table
table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://raleigh.mync.com/site/raleigh/news%257CSports%257CLifestyles/story/20699/mortgage-brokers-now-is-good-time-to-refinancecid=0ei=1gc3SfroONbemQfs97ytDwusg=AFQjCNEZYSMhm2YqIXRP65AGCmdlWItZYAbMortgage/b Brokers: Now Is Good Time To bRefinance/b/abrfont size=-1font color=#6f6f6fMyNC.com,nbsp;NCnbsp;-/font nobr4 hours ago/nobr/fontbrfont size=-1By Lauren Hills, NBC17, 14 hours, 38 minutes ago While most money matters aren#39;t looking up right now, if you#39;re looking to brefinance/b your home, bmortgage/b b.../b/font/div/font/td/tr/table
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table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.bloomberg.com/apps/news%3Fpid%3D20601213%26sid%3DaSwRduPiiLjc%26refer%3Dhomecid=1277198152ei=1gc3SfroONbemQfs97ytDwusg=AFQjCNGL3BHyrKCDFrzTBorlEKrRe7zG9gFed’s Kroszner Says Foreclosures Harming Middle-Income Areas/abrfont size=-1font color=#6f6f6fBloombergnbsp;-/font nobr1 hour ago/nobr/fontbrfont size=-1b.../b the highest on record as home prices dropped and stricter bmortgage/b standards made it harder for homeowners to sell or brefinance/b, RealtyTrac Inc. said. b.../b/font/div/font/td/tr/table
table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.chron.com/disp/story.mpl/ap/business/6145429.htmlcid=0ei=1gc3SfroONbemQfs97ytDwusg=AFQjCNG9CF2vn2EiyLNLjCPVP3GuRVnbigFinancial industry pushes for lower bmortgage/b rates/abrfont size=-1font color=#6f6f6fHouston Chronicle,nbsp;United Statesnbsp;-/font nobr5 minutes ago/nobr/fontbrfont size=-1While the plan, if enacted, will help anybody looking to buy or sell a home, or brefinance/b out of an expensive bmortgage/b, it may not help those whose credit b.../b/font/div/font/td/tr/table
table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.smallcapinvestor.com/smallcapnews/todaystrading/2008-12-03-retail_financial_homebuilders_lift_small_caps_past_weak_datacid=1277269070ei=1gc3SfroONbemQfs97ytDwusg=AFQjCNE1WXxOjyGIpR7EOGnMVBGAsghVbARetail, financial, homebuilders lift small caps past weak data/abrfont size=-1font color=#6f6f6fSmallCapInvestornbsp;-/font nobr43 minutes ago/nobr/fontbrfont size=-1“The bmortgage/b purchase and brefinance/b data are seen as friendly, and Radian said that October bmortgage/b claims were less than expected,” Nick Kalivas, b.../b/font/div/font/td/tr/table
table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.bloomberg.com/apps/news%3Fpid%3D20601068%26sid%3DaRtykQ8tqETY%26refer%3Dhomecid=1277209673ei=1gc3SfroONbemQfs97ytDwusg=AFQjCNFAqbFxR-XknvNZ0EpwTmopilILlgUS Economy: Service Companies Shrink at Record Pace (Update1)/abrfont size=-1font color=#6f6f6fBloombergnbsp;-/font nobr4 hours ago/nobr/fontbrfont size=-1Builders also rose after a report showed bmortgage/b applications surged last week as interest rates dropped. The Standard amp; Poor’s 500 index rose 0.5 percent b.../b/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.bloomberg.com/apps/news%3Fpid%3D20601068%26sid%3Damfl0_ktyeFY%26refer%3Dhomecid=1277209673ei=1gc3SfroONbemQfs97ytDwusg=AFQjCNEssq_k2efo3DMFpDRF6HxtVwHqAwUS Economy: Service Companies Shrink at Record Pace (Update2)/a font size=-1 color=#6f6f6fnobrBloomberg/nobr/font/fontbrfont class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1277209673hl=ennobrall 25 news articles/nobr/a/font/div/font/td/tr/table
table border=0 width= valign=top cellpadding=2 cellspacing=7trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serifa href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.straitstimes.com/Breaking%252BNews/World/Story/STIStory_306931.htmlcid=1275069318ei=1gc3SfroONbemQfs97ytDwusg=AFQjCNEAn0BwkfOb2_KMoTpVdouQqPGwiwimg src=http://news.google.com/news?imgefp=37mZisq31rMJimgurl=www.straitstimes.com/STI/STIMEDIA/image/20081125/front-paulson26.jpg width=80 height=53 alt= border=1brfont size=-2Straits Times/font/a/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.latimes.com/business/investing/la-fi-mortgage27-2008nov27,0,3466653.storycid=1275069318ei=1gc3SfroONbemQfs97ytDwusg=AFQjCNHdjwoYEf7z5ifwZ5MX4-ZO4xnIigbMortgage/b rates fall, but many borrowers will have trouble qualifying/abrfont size=-1font color=#6f6f6fLos Angeles Times,nbsp;CAnbsp;-/font nobrNov 27, 2008/nobr/fontbrfont size=-1Jeff Lazerson, a Laguna Niguel bmortgage/b broker, said all the customer calls he received Tuesday were from people seeking to brefinance/b, not buy homes. b.../b/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.baltimoresun.com/business/bal-bz.mortgages27nov27,0,9349.storycid=1275069318ei=1gc3SfroONbemQfs97ytDwusg=AFQjCNGvkVb7rOGq4rAJIn59igUtPikUUwUS move cuts mortgages to lowest rate since February/a font size=-1 color=#6f6f6fnobrBaltimore Sun/nobr/font/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.bloomberg.com/apps/news%3Fpid%3D20601087%26sid%3DaQ86JoZr_VFY%26refer%3Dhomecid=1275069318ei=1gc3SfroONbemQfs97ytDwusg=AFQjCNELcnB68JqaFple3c-uNMfoXYzVxgbMortgage/b Rates Tumble on Fed Debt Purchasing Plan (Update1)/a font size=-1 color=#6f6f6fnobrBloomberg/nobr/font/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.fool.com/personal-finance/retirement/2008/11/28/last-call-for-smart-homeowners.aspxcid=1275069318ei=1gc3SfroONbemQfs97ytDwusg=AFQjCNG5qR1mgb34YipO6M32UcRrC0trnQLast Call for Smart Homeowners/a font size=-1 color=#6f6f6fnobrMotley Fool/nobr/font/fontbrfont size=-1 class=pa href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.marketwatch.com/news/story/mortgage-rates-likely-stay-low/story.aspx%3Fguid%3D%257BE1AA4E98-1952-44E3-BBAA-E279EB80088C%257D%26dist%3Dmsr_1cid=1275069318ei=1gc3SfroONbemQfs97ytDwusg=AFQjCNFd_y-OzvqW5tY-O9mUr-dyfhakOwnobrMarketWatch/nobr/anbsp;- a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://money.cnn.com/2008/11/26/markets/bondcenter/bonds/%3Fpostversion%3D2008112617cid=1275069318ei=1gc3SfroONbemQfs97ytDwusg=AFQjCNE-GP4Pilbv9UV0jh2zTEW5JoxLLAnobrCNNMoney.com/nobr/a/fontbr/font class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1275069318hl=ennobrall 2,543 news articles/nobr/a/font/div/font/td/tr/table
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