By Danny Abrams
There is a fear property owners have. It’s the fear of being evicted in case scheduled mortgage payments are not met. If you are one of those property owners you should look for ways to prevent such a situation to arise. That could be achieved through raising more income or using a loan mod solution.
Foreclosure is a term used to describe the eviction of homeowners due to lag in mortgage payments. There are two types of foreclosure; one is Power of Sale in which the mortgagor supervises the task of selling the property and dividing the dividends. The second type is foreclosure by judicial Sale in which a judge presides over all the proceedings. By now you must have made up your mind to find ways to prevent this situation to culminate.
There are however ways to deal with this issue. One way is to utilize H4H (Hope for House owners) program. This program provides lower valued installments that homeowners can manage.
The first condition is that the defaulting payments must have a legitimate reason behind them. The second condition states that the latest amortization must have covered 31% of the loan repayment. The third condition states that applicant must declare all information regarding the residence and the revenues. This condition is important if the applicant wants to upgrade the loan conditions in the future to other sustainable levels.
For prevention of any unfortunate eviction a homeowner must search for all possible strategies. There are more strategies available than the one discussed above. For more information check the site for loan modification program.
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Topics: Real Estate | Comments Off
MLA Style Citation:
Abrams, Danny "Are You Trying To Prevent Foreclosure?." Are You Trying To Prevent Foreclosure?. 26 Jun. 2010. uberarticles.com. 8 Feb 2016 <http://uberarticles.com/real-estate/are-you-trying-to-prevent-foreclosure/>.
APA Style Citation:
Abrams, D (2010, June 26). Are You Trying To Prevent Foreclosure?. Retrieved February 8, 2016, from http://uberarticles.com/real-estate/are-you-trying-to-prevent-foreclosure/
Chicago Style Citation:
Abrams, Danny "Are You Trying To Prevent Foreclosure?" uberarticles.com. http://uberarticles.com/real-estate/are-you-trying-to-prevent-foreclosure/
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