Financial Truth  

Foreclosure is UGLY!!

The foreclosure process is a scary and ugly situation for anyone to deal with, and right now it is a more common event.

If you find yourself going through the foreclosure process do not feel defeated. Your mortgage company really does not want to take your home. They are not in the business to sell real estate. Their main objective is to get their payment. Due to the state of the economy a lot of options have been made available to you as a homeowner. 
 
Here are some options:

Repayment Plan - this is when your mortgage company allows you to make a payment and a half for a set period of time.

Loan Modification - this is a permanent change in the terms of your loan. It typically affects your interest rate and or your mortgage term.

Forebearance - this when your lender suspends your payments for a set period of time or reduces your payments for a set period of time.

Short Sale - this is when your lender agrees in the selling of your home for less than what you owe.

These options can open other alternatives in helping you to keep your home and reviving your credit. Never avoid your lender. Call them and talk to them so that you let them know that you are serious about keeping your home. If you get a representative on the phone that doesn't want to work with you do not hesitate to request a manager. The government has given them money to help you.

Your Financial Truth Host,
Erica Harper