How can Foreclosure Assistance Company help me Save my home?

A good Foreclosure Assistance company is Utah can do several things. First they can work with your bank on a payment arrangement. This arrangement is known as a loan modification. A Loan modification is where the bank agrees to lower your payment in order for you to stay in your home. There are lots of guidelines for a homeowner behind on house payments to be able to be accepted into this program. In many cases the bank will want money upfront from the homeowner behind on house payments. That does not make a lot of since to me. If a homeowner behind on house payments has an extra $10,000 lying around my guess would be that they would not be behind on payments. A few of the banks will allow this amount to be put on the back end of the loan, and then re adjusts the loan. A rate adjustment will bring the interest rate down. A rate freeze would apply to an adjustable rate loan. Rather than allowing the rate to go up the bank will freeze the rate for 1-5 years in able to keep the payment the same. The bad news is that most banks are not accepting people into these programs, and out of the ones they do over 50% of those have still failed in making payments so now they are back into a worse situation. Keep in mind that this is only a temporary change. So it only applies for a few years and then the loan can go back to its old terms at the high interest rater or the adjustable rate.

 

Another option is to work with a reputable and I mean reputable foreclosure Assistance Company. This company may work with a pool of private investors. The foreclosure asistance company would work with the bank to take less than what is owed on the property for a cash offer. We have discussed in previous postings how much it cost a bank to take a property back.  The investment pool would then purchase the property as long as it fits there guideless. They would then allow you to stay in the home so you do not have to move your family and your kids out of school. Payments are typically less than what you are currently paying now. The most important part of this program is working with ethical people that you can trust.

This entry was posted on Wednesday, February 4th, 2009 at 7:44 am and is filed under Foreclosure Assistance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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