First of all, foreclosure isn’t the fault of the mortgage company. Anyone that takes out a mortgage, needs to understand fully what the financial ‘what-ifs’ are. If you take out an adjustable rate mortgage, and dont realize that within 12-36 months your payments may increase 30%, then its not the mortgage company’s fault.
The mortgage company doesnt want your home, they want your payment. If they have to foreclose they lose too.
What help is out there for someone who is losing their home to their mortgage company?
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Maybe the new FHA Secure program can help you.
To Qualify for FHA Secure, eligible homeowners must meet the following criteria:
1. A history on on-time mortgage payments before he borrower’s current terms expired and the loans reset;
2. Interest rates mut have or will reset between June 2005 and December 2008;
3. Three percent cash or equity in the home;
4. A sustained history of employment; and
5. Sufficient income to make the mortgage payment.
For more details, go to :
http://www.hud.gov/news/release.cfm?content=pr07-123.cfm&CFID=1775932&CFTOKEN=74094504
If you don’t meet this criteria, call the Homeownership Preservation Foundation, a free, nonprofit group dedicated to helping people facing foreclosure.
1888-995-4673
Good luck and best wishes.
References :
Realtor
http://www.searchforvenice.com
First of all, foreclosure isn’t the fault of the mortgage company. Anyone that takes out a mortgage, needs to understand fully what the financial ‘what-ifs’ are. If you take out an adjustable rate mortgage, and dont realize that within 12-36 months your payments may increase 30%, then its not the mortgage company’s fault.
The mortgage company doesnt want your home, they want your payment. If they have to foreclose they lose too.
References :
There is a company called Freedom from Foreclosure that work with people in these situations. You might want to look them up.
Good luck!
References :