Banks That Offer the Best Foreclosure Help

by admin on April 9, 2015

 If an existing homeowner is one or two months late on their monthly payment most all banks may send the owner a short notice and chalk it up to what is called “extenuating circumstances.” Simply meaning the homeowner may have run into a short financial conundrum. However, if the payment runs beyond the second or third month, the bank holding your mortgage will start considering a foreclosure process. Yet depending on how loaded the foreclosure portfolio is at that bank, a representative may appear at your door or send you an email.

What Are The Best Options Of Homeowners In Or Facing Foreclosure?
Most all banks have the same operating procedure once the homeowner has stopped making payments. By this time the bank (lender) has given the homeowner a written Notice of Default insisting that all late/back payments be brought current or the property will be sold off. Large and easily recognized banks pretty much take a hard position when it comes to helping the homeowner during a foreclosure. They are used to having a stockpile of pre-foreclosure and foreclosed properties already in their portfolio of real estate owned (REO) so one more won’t make much difference. The only thing that scares the bank/mortgage holder is that they must be careful to not overload their REO’s to the point where they can no longer seek funds from the Feds.

Foreclosure Help! Think Your Local State Or Community Bank Or Credit Union!

If your mortgage lender is one of the three listed above they are more likely to offer you a financial “parachute” in your time of need. Here are a few options they can offer that will chase the wolves from your doorstep and create some type of repayment plan or solution that will fit your personal situation. Most of the following services are not free:

* Mortgage Modification – This means your bank can present options like refinancing, reduce your interest rate or extend the length of your mortgage.
* Partial Claim: If your loan was financed by FHA/HUD get a one-time-interest-free loan to bring your current mortgage current.
* Special Forbearance: Your lender may agree to this loan to temporarily reduce or stop your monthly payments while it works out a new mortgage repayment plan. But you will need to prove that you lost your job or other main source of income via no fault of your own.

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