How to Stop Foreclosure
Owning a home is one of the many joys and opportunities available to every single person who lives in the United States. Owning a home can be extremely rewarding, but it can also be a great source of personal and financial frustration. The fact of the matter is that houses are extremely expensive and represent the biggest investment in many people's lives. It is also an investment that many people cannot afford in the immediate future. Because people can't afford to buy houses in full, it is extremely common to get a home loan from a bank or other kind of lending service. A foreclosure will occur is you are unable to make loan payments and the bank will claim its ownership over your house and sell it for whatever profit they can make. Many Americans don't understand this process and are unaware that there is actually a great deal they can do to avoid foreclosure.
What you will Learn
Home loan and foreclosure basics
When it comes to home loans and the basics of how foreclosures work, Americans tend to be more or less in the dark. A foreclosure refers to a specific legal process under which a lender will attempt to recover the balance of a loan when a borrower has ceased to make payments on the loan. The lender will receive an equitable right of redemption by court order or operation of law. This will then be used to evict persons off of a residence and the house will be resold in an attempt to reclaim lost profit off a poor investment. In the Financial You, this will all be explained and gone over in full detail using not the legal language of the banks and courts, but in terms that you the home owner can understand. We believe that in order to beat and stop foreclosures you need to know what it is that you are facing.
New legal regulations that work in your favor
When you are faced with a potential foreclosure, you should be aware of the many new foreclosure help laws and regulations that exist to help you keep your home. Over the past couple of years there have been wide ranging legal reforms in the way foreclosures work and options you have in avoiding them. One of the biggest new ways is to modify or refinance your current loan for lower payments. In total there are four new and very effective refinancing programs called Home Affordable Modification Program (HAMP), Principal Reductions Alternative (PRA), Second Lien Modification Program (2MP) and Home Affordable Refinance Program (HARP). You will learn how these programs work and where to go to find the help you need. You will also learn about other types of mortgages you could apply for and about how to handle situations such as facing foreclosure when you are unemployed.
Where to seek special assistance
For some foreclosure cases, special assistance will be required in order to help you effectively refinance your mortgages or other types of legal matters pertaining to home ownership and home finance. In many cases you will need a foreclosure attorney to give you the necessary foreclosure help you might require. This book is designed to help you understand the process and what you can do about it, but in most cases you will require the aid of more seasoned professionals when it comes to the matters if foreclosures and bank loans. You will learn about how to seek a foreclosure attorney, how much you should be paying and the legal protections and rights you have. Facing foreclosure is a stressful experiences, but it is one that you can overcome.
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- The Arizona Republic
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Disclaimer: Some of the views and opinions expressed in this book do not necessarily reflect those of the publisher. We cannot be held responsible for any losses or damages caused by following advice contained in this book. This website does not claim to offer financial advice to individuals.