Bank Foreclosures Aren’t Going Away Anytime Soon – Take Action!

Options to prevent bank foreclosureA new report issued by the Center for Responsible Lending entitled Lost Ground, 2011 reveals that the nation isn’t even halfway through the nation’s foreclosure mess.

Out of 27 million mortgages that had been issed over a five-year time period, at least 2.7 million (6.4%) of them issued from 2004 to 2008 have ended in foreclosure.

An additional, 8.3 percent of the mortgages analyzed are at serious risk of foreclosure. Those numbers add up to 3.6 million households that are at risk of losing their homes!

Is Your Home Included In These Statistics?

If you are behind on your mortgage payments by 30 days or more, then you are considered in default and at risk of the bank foreclosing on you. While you do have some time to bring your mortgage current, the banks can legally start the foreclosure process after 90 days in most areas. Moreover, most people who become 30 days late on their home loan are unable to catchup completely and bring their mortgage current.

What Options Are Available To Individuals And Families Behind On Their Mortgage?

Of the 3.6 million households mentioned above that lost their houses due to foreclosure, several probably could have prevented the bank from repossessing their homes had they taken action. Many homeowners have options but they either don’t know about them or they are too scared or embarrassed to try and save their home. Instead they just hideout and wait for the sheriff to come knocking, which usually means it’s too late to do anything to stop the sale. Don’t let this happen to you — there are other options!

The Value Of A Short Sale Vs. A Foreclosure

Many homeowners ask why they should even bother with a short sale since there really isn’t anything in it for them plus they are still required to move out of the home. The truth is there is a huge long term difference between a short sale and foreclosure. A foreclosure will prevent you from buying another home for seven years — That’s a long time! With a short sale however, most buyers qualify for another home purchase within a year or two and some are even eligible to buy another house the day after their short sale closes.

Get To Know the Alternative to Foreclosure

On this website you’ll find information about several foreclosure alternatives including: short selling your home, getting cash in hand, loan modifications, deed in lieu, as well as many other options. Homeowners Servicing Company Specializes in helping struggling homeowners prevent foreclosure. Don’t sit back and let the lender take your home! Contact us today to learn what options are best for you and your individual situation. Trust us, with 3.6 million other households at risk of foreclosure, you are not alone!

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