Stop Foreclosure!

Last updated August 17th, 2008

THERE IS GOOD NEWS! Whether your foreclosure stems from bankruptcy or credit problems are preventing you from refinancing your house, there are solutions out there to stop your foreclosure! The longer you wait to address the foreclosure situation the harder it will be to find a solution, but it is never too late to try, and today would be a good day to start.

Stop foreclosure and Stay in Your House

Foreclosure Refinance without Losing Your Equity!

Ideas for Stoppint Your Foreclosure:

Whichever route you choose, the time to act is now. Time is your worst enemy, and hesitation is probably the number one reason why homeowners lose a home to foreclosure instead of any one of the other options available, all of which are more palatable than donating your equity to a lender.

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Negotiate with Your Lender

Last Updated May 9th, 2008

Remember, the lender (in most cases) does not want your house. When a lender forecloses on a property and ends up taking ownership it affects their ability to continue lending to other home buyers. Lending is how they make their money, and foreclosing on real estate slows that down. Although they can, and will, make some money on houses they foreclose on and then sell, most lenders view this as detrimental to their core business.

Given this fact, it is always a good idea to talk to your lender. The author of this page speaks with authority here. Some time ago this company's finances hit on hard times and we fell behind on 9 loans. The lender in question started calling, and as embarrassing as it was we found that just by taking the call, explaining the situation and making sure we made payments whenever we could actually kept the number of calls down.

This may buy some time with some lenders, but if foreclosure is going to happen then there are a several ways in which you can work with your bank.

Having said that, this does not mean that one phone call will solve the problem. If your loan has gone to the point where foreclosure looks imminent your lender, sorry, this sounds harsh, may not trust you. Or more accurately their procedures may dictate that they follow through on the foreclosure as their experience shows most borrowers will not live up to any new arrangement put in place.

It can be to your advantage to utilize the services of a company that specializes in these negotiations. Time is of the essence, although there is no harm in trying to work with the lender yourself, if you spend time and can not work out an agreement you may have lost the opportunity to save your home.

If you do opt to negotiate with your lender use Foreclosure Free Zone to equip you with the right information and for direction on how to get the discussion going in your favor.

Marcher Properties partners with Home Assure to offer these services. Home Assure offers a 100% money back guarantee, so you have nothing to lose by taking their free consultation to determine if they can help you save your house. And saving your family home is their goal!

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Sell Your House

Last Updated May 1st, 2008

Naturally, selling your house is the most obvious way out of foreclosure, but is not without difficulties.

As always, making decisions quickly is key to using this option to avoid foreclosure. Once your lender has filed the foreclosure papers you will probably start receiving offers in the mail from companies such as Marcher Properties offering to buy your home. Although it is certainly worth speaking to these companies, you will find that most of them will make low offers. And if there is little or no equity many of these companies won't make any offer at all.

I am not suggesting that this is not a route to consider. Foreclosure causes stress, can contribute to a worsening financial situation overall, can cause family and marital problems and can completely destroy your credit worthiness. Being able to turn to a cash investor and sell your property in less than a week will not only get you out of your foreclosure situation, but will instantly relieve you of many other pressures. Some people facing foreclosure hesitate to take this option because they see themselves as losing too much money, but you will lose a lot more if you actually let the bank take your home. I would not discount these low price investors, the truth is that they can offer a valuable service to people in financial trouble.

Some of these investors also offer more creative ways of purchasing your house. They will use options such as seller financing, land trusts, short sales and equity sharing agreements. Be sure to read any offer carefully and make sure you understand the implications of how the deal is structured. We recommend contacting an attorney if you are unsure, but be sure to use a real estate attorney. Many attorney's are not familiar with the options that these investors use (including real estate attorneys) so make sure you are working with someone who has knowledge in the right field (try asking an attorney what a land trust is, the first few real estate attorneys that I spoke with had no idea).

The advantage of these more creative methods is that they can often be used in situations where equity is low. They can also offer a higher return overall to the seller. Someone offering a seller financing deal may offer a higher price than someone offering all cash, and the seller would also earn interest on the loan.

If you have solid equity in your home listing it through a realtor slightly below market value (to encourage a quick sale) may be a good option for you, but you will need to do this very early on in the foreclosure process. If you only have 30 to 60 days until the bank is due to foreclose, you probably don't have time list the property in this manner.

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