With the growing problem of many people loosing their jobs and not being able to keep up with everything to include house payments. Many people are looking for alternatives to keep their homes and keep their families safe.

There is a way FHA is now offering people the opportunity to avoid foreclosure through potentially refinancing your loan. . But, you have to be careful, depending on the way your home loan is set up, this could be difficult.

Natalia Osorio Editor of the “Stop Foreclosure Loans” website — http://www.StopForeclosureLoans.org — pointed out;

“…The best thing to do, is to call your mortgage company to find out. The companies don’t want you to loose your homes, far from it. In many cases the companies actually would rather help the lenders…”

Check and see if your lender is working with FHA. See if they are working with FHA to help their lenders with the problems they are facing, many may not, but it is possible to see if FHA can put you in touch with a bank that may be able to help you. Some companies may have a special program like this in place. Don’t avoid your company, the best bet is to see if they will work with you in this rough economic time that all of us are facing.

“…There are many websites that are offering specific information about your options. Your best bet is to make sure you jump right away to take care of all of your basic needs. Thus making sure you have everything covered…” N. Osorio added.

Further information about how to get professional assistance with a mortgage loan modification by http://www.StopForeclosureLoans.org

A loan modification reduces monthly mortgage payments and makes them more affordable for you. Loan modifications can be done whether or not a person is behind in the loan payments, based on his or her financial situation, current hardship, and ability to make smaller payments. Loan modification is a permanent change to the terms of your mortgage or home loan.  A loan modification can result in a lower monthly payment through an interest rate reduction, increasing the length of the loan, lowering of the principal balance, setting up payments for back-interest owed, or a combination of these options, lowering or fixing interest rates.

Loan modifications avoid foreclosure and this option is gaining in popularity as lenders realize that keeping homeowners in their home actually might save them money. Foreclosure is an expensive process for banks, and with the current downturn in real estate values, lenders do not want millions of dollars getting into foreclosures. Since the cost of modification can be much less than the cost of foreclosure, banks and lenders are often willing to negotiate reasonable terms and modify existing mortgage payment terms.

So you have made the right decision to go for loan modification according to what is discussed above. But filing it on your own can make you wait longer for things to get into shape and your loan modification to take place. Given the present housing crisis, banks and lenders have been overwhelmed with loan modification requests and are very difficult to work with. Consulting attorneys can help you through this ordeal and take the burden off of your shoulders. Attorneys know the way things are and they are in constant negotiation with many of the major lenders in the country.  This enables us to negotiate the lowest rate for your loan modification in the most expedient manner possible.  Most of the banks are already involved in predatory lending lawsuits, and want to make loan modification process run smoothly for our attorneys. Working with attorneys enables you to use progressive tactics to accomplish aggressive solutions. The attorneys can then examine your financial statements, income and expenses, as well as the lender’s expenses and terms, and negotiate to get you the best loan terms that fit your present financial situation.

How can I access that I need to go for a Loan Modification?

The first and foremost condition which can make you think about loan modification is the inability to refinance due to loss of equity, owing more than your home is worth. Next comes the inability to refinance due to late or irregular mortgage payments, then if you are facing financial hardship arising out of loss of job, loss of income due to divorce or a sudden death of a earning family member or due to medical expenses and a financial condition leading to foreclosure.

In any of the above cases loan modification can be applied for and doing it on your own could be trouble some for you to stick to your phone explaining your case again and again. There is a constant run for you from pillar to post including wastage of valuable time and in such a scenario, consulting an attorney can serve worthwhile for you to get loan modifications done that will reduce mortgage payments considerably and avoid foreclosures.

The last couple of years have been quite unstable for the housing market. People are facing foreclosure and losing their homes. According to statistics, in Florida 4% of all the mortgages are facing foreclosure proceedings. It is obvious that the situation is really bad; however, a homeowner can seek the help of a foreclosure defense attorney to know his/her options.

The fact is that for vast majority of people foreclosures are stressful, confusing and overwhelming because they do not know much about the foreclosure proceeding. They are not aware of the fact that there are options available to them that can help them avoid foreclosure proceedings.

Loan Modification

A specialized foreclosure defense attorney can lay out the options available to homeowners who are facing foreclosure. Under the Housing Bill passed by President Obama, homeowners facing foreclosure can go for loan modification. Assistance of a foreclosure defense attorney can help a homeowner negotiate the mortgage modification with the lenders.

Short Sale

Still another option that homeowners have is that of short sale. Under this option the homeowner will sell the mortgaged property for less than balance owed on the loan. The proceeds of the sale are given to the lender. Before the sale, the short sale lawyer will negotiate with the bank. The short sale attorney will convince the bank that due to economic or financial hardship, the bank should agree to a discount the loan balance. Therefore, after the house is sold the remaining balance is discounted.

Deed In Lieu

Another way that a homeowner can avoid foreclosure is by opting for deed in lieu. The homeowner’s real estate attorney will negotiate with the lender.  The homeowner will sign over the deed or title of the property to the bank and the bank in return will cancel the mortgage.

Bankruptcy

Another option that a real estate lawyer can suggest to a homeowner is that of filing bankruptcy. This will not only stop all foreclosure proceedings but will also give a chance to the homeowner to repay some of the debt and retain the house.

Refinancing

A Florida real estate attorney can also suggest the option of refinancing to avoid foreclosure. Refinancing simply means that the homeowner replaces the existing mortgage with a new one. In most cases, the new mortgage comes with lower interest rates and better terms and conditions.

Reverse Mortgage

A very good option that a foreclosure defense attorney might suggest is that of reverse mortgage. This is simply a loan against the property. A homeowner does not need to repay the loan as long as he/she lives there. However, this option is mostly available to those who own the property and are over 62 years of age.

Contesting Foreclosure

In many cases it has been seen that homeowners can successfully contest foreclosure proceeding. A foreclosure defense Jacksonville lawyer can help homeowners find the legal grounds on which the proceedings can be challenged. It might be possible that the mortgage company has filed the foreclosure proceedings illegally. A cautious attentive homeowner with the help of a foreclosure defense Florida attorney will be able to figure out what is illegal about the proceedings.

The bottom line is that there are several options available to homeowners to help them avoid foreclosure. It is upto the homeowners to seek these options. A foreclosure defense attorney will act as a specialist guide in their efforts to avoid foreclosure.

The last couple of years have been quite unstable for the housing market. People are facing foreclosure and losing their homes. According to statistics, in Florida 4% of all the mortgages are facing foreclosure proceedings. It is obvious that the situation is really bad; however, a homeowner can seek the help of a foreclosure defense attorney to know his/her options.

The fact is that for vast majority of people foreclosures are stressful, confusing and overwhelming because they do not know much about the foreclosure proceeding. They are not aware of the fact that there are options available to them that can help them avoid foreclosure proceedings.

Loan Modification

A specialized foreclosure defense attorney can lay out the options available to homeowners who are facing foreclosure. Under the Housing Bill passed by President Obama, homeowners facing foreclosure can go for loan modification. Assistance of a foreclosure defense attorney can help a homeowner negotiate the mortgage modification with the lenders.

Short Sale

Still another option that homeowners have is that of short sale. Under this option the homeowner will sell the mortgaged property for less than balance owed on the loan. The proceeds of the sale are given to the lender. Before the sale, the short sale lawyer will negotiate with the bank. The short sale attorney will convince the bank that due to economic or financial hardship, the bank should agree to a discount the loan balance. Therefore, after the house is sold the remaining balance is discounted.

Deed In Lieu

Another way that a homeowner can avoid foreclosure is by opting for deed in lieu. The homeowner’s real estate attorney will negotiate with the lender.  The homeowner will sign over the deed or title of the property to the bank and the bank in return will cancel the mortgage.

Bankruptcy

Another option that a real estate lawyer can suggest to a homeowner is that of filing bankruptcy. This will not only stop all foreclosure proceedings but will also give a chance to the homeowner to repay some of the debt and retain the house.

Refinancing

A Florida real estate attorney can also suggest the option of refinancing to avoid foreclosure. Refinancing simply means that the homeowner replaces the existing mortgage with a new one. In most cases, the new mortgage comes with lower interest rates and better terms and conditions.

Reverse Mortgage

A very good option that a foreclosure defense attorney might suggest is that of reverse mortgage. This is simply a loan against the property. A homeowner does not need to repay the loan as long as he/she lives there. However, this option is mostly available to those who own the property and are over 62 years of age.

Contesting Foreclosure

In many cases it has been seen that homeowners can successfully contest foreclosure proceeding. A foreclosure defense Jacksonville lawyer can help homeowners find the legal grounds on which the proceedings can be challenged. It might be possible that the mortgage company has filed the foreclosure proceedings illegally. A cautious attentive homeowner with the help of a foreclosure defense Florida attorney will be able to figure out what is illegal about the proceedings.

The bottom line is that there are several options available to homeowners to help them avoid foreclosure. It is upto the homeowners to seek these options. A foreclosure defense attorney will act as a specialist guide in their efforts to avoid foreclosure.

Calm your nerves and read the following tips before calling:1. See if your monthly statement contains the phone number to the lender’s loss mitigation department. If not, call the customer service number and ask for that department. At most lenders, the loss mitigation department helps borrowers determine which workout option they qualify for. Some lenders have their collections departments advise borrowers on workout options, borrowers may be sent to their collections department.2. Be ready to wait on hold for a long period of time. Its not a good idea to call on your cell phone to rap up your minutes, charge your phone in advance and be ready to hang on the line for a long period of time.3. Some representatives in the loss mitigation department are cranky, mean, over worked and not trained. If you are being treated badly or if the information that you are being told doesn’t sound or seem correct, remain calm and polite, get as much information as possible, hang up…and then call back.4. Share all details about your financial situation with your lender.Your lender will ask a series of questions to assess your financial situation. Some lenders, like Wells Fargo Home Mortgage, have specialists with both the training and technology to pre-qualify a caller for a workout option right over the phone. Other lenders do not have this technology and will send you a “work out package” to complete and send back to them.By preparing yourself in advance, and having the financial documents including income and expense numbers in front of you when you make the call, you might be able to get a resolution within minutes. The lender will probably ask you to fill out similar documents that describe your financial situation. They will review and analyze the documents before offering a solution to bring your loan up-to-date. So organize your bills, statements, and anything else that will help give an accurate picture of your current financial status.- An explanation of your current financial circumstances.- Details about your current income, including pay stubs, statements regarding unemployment, disability, social security, retirement, pubic aid, or and other similar documentation.- A list of your household expenses.- An explanation of what occurred to put you in this financial circumstance. Otherwise referred to, as your hardship.K. Patrice Williams has a BA in Economics as well as a law degree. She has successfully managed both residential and commercial multi-million dollar income producing assets and budgets for more than 10 years. As a 1st year law student, Patrice established a real estate development and consulting business and acquired over 30 rental properties. As the housing market values decreased- like millions of other Americans-her properties were negatively impacted by shifting ARM’s, combined by a sluggish economy. Patrice has researched and personally implemented almost all of the pre-foreclosure techniques detailed in the book: “6 Simple Steps to Avoid Foreclosure”. http://www.avoidforeclosuremanual.com

First, you need to understand how you got into trouble in the first place. This is something you want to have thought about before calling the lender or crafting a hardship letter. Have you had a loss of a job? Is your interest rate climbing in your adjustable rate mortgage? Have property values declined in your neighborhood making it difficult to sell. Once you put your finger on the problem, you need to face it head on. Ignoring the letters and phone calls from your lender won’t make the problem go away. In fact, it can make it much worse.Second, as soon as you realize you have a financial hardship, or problem that will prevent you from making timely mortgage payments, you need to contact your lender. If you’re in the position right now of being in trouble, contact your lender immediately. Most banks aren’t excited about having to resell your home. They’d rather work with you in most cases to keep your home.Third, determine if there’s a way for you to increase your income in order to put more money toward your mortgage payments. Can someone work a second job? Can you search for a job that’s higher paying?Fourth, it’s also important to see if you can refinance your mortgage at a fixed interest rate. This will keep your payments the same over the entire life of your mortgage. If you can refinance, you may be able to set up reasonable payments.Fifth, don’t be afraid to do a bit of thinking, “out of the box”, an option for your family, may be to rent your home if you can get enough rent to cover the cost of the mortgage. You may also want to consider allowing someone to rent a room to bring in extra income for your home.Sixth, if you can’t bring in more money and refinancing isn’t an option, you need to try to sell your home. As difficult as it may be to let go of it, it’s better to sell it than have a foreclosure. If you owe more than your property is worth, you should contact your bank. Many lenders will allow you to perform a “short sale” that will allow you to sell the house for somewhat less than its value and have the difference forgiven. Many banks allow this because in the long run it’s still less costly for them than trying to sell your home.Finally, if you’ve exhausted all of the possibilities and you can’t find a way to pay your mortgage payments and get out of trouble, you may have to walk away from your home. A foreclosure will be a dark mark on your credit for many years; however you should remember that you’re not alone. You simply have to take with you the lessons you’ve learned about home financing.K. Patrice Williams has a BA in Economics as well as a law degree. She has successfully managed both residential and commercial multi-million dollar income producing assets and budgets for more than 10 years. As a 1st year law student, Patrice established a real estate development and consulting business and acquired over 30 rental properties. As the housing market values decreased- like millions of other Americans-her properties were negatively impacted by shifting ARM’s, combined by a sluggish economy. Patrice has researched and personally implemented almost all of the pre-foreclosure techniques detailed in the book: “6 Simple Steps to Avoid Foreclosure”. http://www.avoidforeclosuremanual.com

You’ve got to act fast the moment you feel that you are at risk of foreclosure. One thing you must prevent from happening is the filing of a Notice of Default. This notice is basically a shout out to everyone that you are behind your mortgage payments, and if not dealt with accordingly, lenders can seize your home.

As soon as you see trouble looming ahead, call your lender and work out some home-saving methods. You don’t have to be scared or embarrassed because lenders are more than willing to help homeowners figure out a way to avoid foreclosure, as long as you let them know early. Lenders can give you options according to the kind of financial situation you’re in like:

•    Forbearance – gives you more time to settle your mortgage payments. Lenders or mortgage companies will, for the meantime, allow you to pay less than the full amount of the mortgage. If you’re lucky, they may even allow you not to pay anything at all, as long as you prove to them that you will have the resources (salary bonus, tax refund, etc.) to pay them sometime in the future. •    Repayment plan – you can ask your lender to allow you to carry over unpaid amounts to your monthly payments. Let’s say your monthly rate is $1,000, and you’ve been delayed for two months already, you can add $100 each month until you pay the amount in full. •    Loan modifications – as the name implies, you make certain changes in the agreement. Here, lenders can freeze or adjust the interest rate to make it more manageable for you. You can extend the number of years in which you are to pay them; go from an adjustable-rate mortgage to a fixed- rate mortgage; or add neglected payments to your current loan. •    Refinancing – if you meet certain requirements from your lender, they can help you increase your loan balance so that you can include back payments to it. •    Partial claim – as long as you meet the specific criteria, lenders can help you get an interest-free loan from the Housing and Urban Development that you can use for delinquent payments. •    Debt forgiveness –simply means that the lender waives your obligation to pay, which is something that happens very rarely. With the numbers of evicted people continually rising, more people are putting the blame on lenders, when ironically, these are the first people who can help you save your home.Next on the Foreclosure Series:  Fight for Your Homes, Stop ForeclosureHousing Assistance Network ( http://new.housingassistancenetwork.com ) – is a site that aims to help those who are in the low to moderate income brackets find financial assistance for housing, help in acquiring a new home, or grant programs from both state and non-government institutions.

It isn’t news to anyone that widespread foreclosures are a large problem in our current real estate market. For many families, it can be unavoidable. However, what many people don’t know is that there is help out there for those facing foreclosure. Here are some things to keep in mind:

•Stay Home – When facing foreclosure, stay in your home. If you vacate your property and something happens to it – whether it be vandalized, struck by lightning or broken into – the bank will likely hold you financially responsible for the damages.

•Stay in the Loop – Talk to your lender. If you feel like you’re going to have trouble making next month’s mortgage payment, let them know. Whenever you phone them, follow up your contact in writing. If your lender is more informed of your situation, they will be better prepared – and perhaps more willing – to work with you.

•Stay Realistic – Remember that lenders are a business and they are always interested in making their money back whenever possible. Ironically, banks are less willing to work with those who have made payments for years and built up equity on their home. In those cases, the lender can simply keep the payments they’ve already received and sell the house quickly for considerably less than it’s worth and still turn a profit. If you haven’t been in your home for very long and you haven’t built up a lot of equity, then your lender might be more willing to come to an agreement that benefits you both.

•Stay Safe – Unfortunately, this market has attracted a slew of dishonest scammers and con artists that prey on desperate home-owners. Always – always – do your research whenever you think about getting help from a company or program. Watch out for anyone who insists on being paid upfront. Don’t pay somebody to do something that you could do for free, such as dealing directly with your lender. The Department of Housing and Urban Development keeps track of legitimate foreclosure-prevention programs. Get a list from them.

•Stay Practical – Not all foreclosure-prevention programs will be the answer to your prayers. Many programs offer one-time solutions, often for a single month’s payment. Carefully think about your situation and make sure that such a temporary solution will really make a difference in the long run. It may just be delaying the inevitable.

Sometimes foreclosure is simply unavoidable but there are many times when help can be found as long as you know where to look. Do your research, call an expert, and find out as much as you can about your options for possibly avoiding foreclosure on your home.