5 WAYS TO KEEP FROM LOSING YOUR HOME

For those in financial straits and soon will be or currently are delinquent with a mortgage, a foreclosure might be looming. And depending upon the state where you live, the foreclosure process must follow state statute where the property is located. Yet many who are facing foreclosure simply don�t know where to turn or even know the options they have. Here are five ways to keep from losing your home.

Communication. Lenders don�t want to foreclose. It�s a messy, legal process and instead of getting interest payments each month, they�re forced to take back the home and put it up for auction in an attempt to recover what is owed. When you first get behind, don�t ignore the phone calls. Communicate with the lender and explain why you fell behind and you�ve taken corrective action that will get you back on track. Ignoring your lender can lead the lender to foreclose when the lender really didn�t want to.

Repayment Plan. Lenders have the ability to take the outstanding balance and let you make up the payments over time. Say for instance you�re consistently more than 30 days past the due date. A lender can divide the delinquent amount and add it to your monthly payment for the next 60, 90 or 120 days.

Bankruptcy. Filing for bankruptcy doesn�t wipe out mortgage debt like it does other types of debt such as a credit card or installment loan. But what a bankruptcy can do is forestall the foreclosure proceedings while you make adjustments and work with the lender to get you back on track.

Loan Modification. Your lender may be able to work a loan modification. A lender will interview you and talk about how much income you have and review all your monthly expenses. As a result, your lender can reduce your monthly payments for a specific period of time that are more affordable based upon how much money you take home each month.

Final Stop. If all else fails, or you simply decide it�s no longer worth it, maybe you should sell the home instead of giving it up. If a foreclosure takes place and the home is sold at auction, you don�t get any of that money, the lender does. If you have equity in your home and you want it, selling is the way to go.

For more information or questions about mortgage loans,

Please visit Majestic Home Loan

Or Call  (855) 757-8748