Prevent Foreclosures

In certain circumstances and for some homeowners, refinancing is a great idea to prevent foreclosure. Refinancing replaces your existing mortgage with a completely new one. There are many benefits to refinancing other than preventing and avoiding foreclosure. Refinancing could put you in a better financial position, especially if:

• You’ve kept up with current mortgage payments, but would like to lower your mortgage interest rate
• You have an adjustable rate mortgage with payments that could increase in the near future
• You have equity built up in your home (Even if you have little or no equity, you may still be able to refinance through Home Affordable Refinance Program.)

Home Affordable Refinance Program & Refinancing

Many homeowners don’t have enough equity to qualify for traditional refinance options. The federal government created the Home Affordable Refinance Program to give these homeowners an opportunity to refinance.
You may be eligible for the program if:

• You have kept up with your mortgage payments
• Your loan is owned or guaranteed by either Fannie Mae or Freddie Mac
• Your first mortgage amount is no more than 105% of the home’s current value

Facing Foreclosure Alone is always tough. You've got to stay in the loop! So in case you're new here, you may want to subscribe to the Prevent Foreclosures RSS feed. It will keep you up to date with the latest resources and tactics on how to prevent your foreclosure from happening.

You may have heard that one of the solutions to foreclosure is deed in lieu of foreclosure.

How does a Deed in Lieu of Foreclosure work?

With a deed in lieu of foreclosure, you have the option to voluntarily transfer ownership of your home to your mortgage company, if you cannot sell your home at fair market value or prefer to have your mortgage company sell your home.

How does a Deed in Lieu of Foreclosure help a homeowner?

A deed in lieu of foreclosure may release you from the obligation to repay your primary mortgage and may help you avoid a foreclosure sale, even if the foreclosure process has already started.

Benefits of Deeds in Lieu of Foreclosure

As the homeowner, you:

• Avoid foreclosure
• Avoid the hassle of court proceedings
• Can move on more quickly
• May be released from liability for the remaining balance on your primary mortgage

Please bear in mind that not every homeowner will be released from liability for the remaining mortgage balance. That is why it helps to consult an expert if you have a foreclosure problem.

Behind On Your Mortgage Payments? Contact Us for a Free Consultation!

Many people have their mortgages with Wells Fargo and many homeowners are facing foreclosure and trying to work with Wells Fargo to prevent foreclosure.

According to Wells Fargo, preventing foreclosure is possible in some cases and in others it just isn’t possible. If you have a Wells Fargo mortgage and find yourself in foreclosure, you may be able to work with them to either prevent foreclosure, stop foreclosure or move on with as little problems as possible.

What to do when you have a Wells Fargo mortgage and cannot keep up with the payments?

If you can’t keep up with your Wells Fargo mortgage payments, you need to seek help as soon as possible. Use the link below to ask foreclosure experts of all your available options. It is a free foreclosure consultation and you will learn a lot from it.

Behind On Your Mortgage Payments? Contact Us for a Free Consultation!

Based on your free consultation, you may want to contact Wells Fargo. One of their home preservation specialists will help you understand the available options based on your situation and financial circumstances. Wells Fargo encourages homeowners to reach out to them as soon as they find themselves in situations where they may not be able to pay their mortgages in the future.