How to Stop a Foreclosure – Step 3
Once you decide which home foreclosure help option(s) you will pursue to save your home, you will then have to decide what the best approach is to put the tactic(s) in motion.
Taking Action, Do I Need Home Foreclosure Help?
Regardless of the option chosen to attempt to rescue your home from foreclosure, because real estate and home loans are complicated and sensitive matters, it is strongly advised that a homeowner seek professional home foreclosure help. Both non-profit and private agencies have counselors available to assist homeowners. The choice that you make in a partner to assist you is sometimes even more important than the option you initially choose to save your home.
Some of the issues you should consider when choosing a counselor or agency:
- Non-profit, HUD-certified agencies help homeowners with primary, owner-occupied residences. So if you are trying to find a solution for an investment property or a second home that is in danger of foreclosure, you will be best served by a private agency or professional.
- Non-profit and government agencies generally offer quality and competent service, but:
- Due to the foreclosure crisis in California, case loads for counselors are usually overwhelming and that restricts the amount of time that can be devoted to each individual homeowner.
- There is little consequence to the agency or counselor if your foreclosure case is not successfully resolved.
- If there is no money in your budget to invest in foreclosure assistance you really have no other choice, explore the free services offered by non-profit agencies.
- Private agencies and professionals have a powerful incentive to make sure that foreclosures rescue cases are settled successfully, otherwise they don’t get paid.
- The rise in foreclosure rescue scams in 2008 and early 2009 forced the California and federal governments to closely regulate the foreclosure rescue industry. If the private agency or professional that you choose to work with has been in business for at least a couple of years it is close to certain that they are legitimate because they have in a sense passed the test of time, meaning that they would have been shut down by now if there had been any complaints filed against them.
Whether Non-Profit or Private, Get Professional Help
Attempting to negotiate a workout agreement with your bank or mortgage company can be an exercise in futility. Patience, persistence and a significant time commitment are required on the part of the homeowner to prepare, submit and follow up on the applications and the specific processes laid out by each bank in order to succeed with a foreclosure workout option. Even if you have the time and patience to do so, a homeowner is inherently at a disadvantage because they are up against the bank’s professional staff who can “play games” while the clock keeps ticking towards your foreclosure auction date. A foreclosure rescue professional can even the playing field in favor of the homeowner. At the very least, a bank or mortgage company will tend to take your case more seriously if you have a professional working on your behalf.
This site offers a deep range of information to help homeowners fight a foreclosure and it should be used as an educational opportunity meant to aid the homeowner with keeping the professional working on their behalf in check. After all, no one but yourself will have a greater interest in saving your home, so use the material on this site to more effectively:
- Select a foreclosure rescue option that meets your specifics needs
- Choose the right professional to assist you
- Motivate and assist the professional to remain on track with your negotiation or workout plan
- Alleviate your stress by elevating your understanding of everything that has to do with a foreclosure situation
- Eliminate the opportunity for anyone involved in the process to cheat you, whether that be a professional working on your behalf or the bank/mortgage company
Read the foreclosure prevention material carefully, then choose a home foreclosure help professional wisely.
