Foreclosure can mean the loss of your home Nike Air Max 97 Sale , any equity in your home, your credit rating and your dignity. Foreclosure is a very public process, with your name listed in the public court records and then published in your local newspaper. Then Nike Air Max 2017 Sale , once you are ready to move on with our life, your foreclosure appears on your credit report for at least 7-10 years. In addition, all mortgage applications currently ask if you have EVER had a foreclosure. You'll have to check ?Yes? for the rest of your life.


A foreclosure usually means that you won't be able to buy another house for several years unless you agree to the exorbitant interest rates of ?Bad Credit? mortgages which can be twice the rate of regular mortgages.


But what if you've experienced a temporary hardship? Life is unpredictable and we all experience circumstances in our lives that are unforeseen and that are out of our control. Often times these circumstances can prevent us from making our monthly mortgage payments on time. Some of the issues contributing to delinquency include:
? Job loss
? Medical illness or injury
? Divorce
? Death in the family


If you have experienced one of these situations it can severely impact your ability to pay your mortgage obligation. If you have experienced a temporary setback Nike Air Max 2018 Sale , you may have several options available to you to stop foreclosure. Here are several proven strategies to avoid a foreclosure:


1. Mortgage Modification- most often used if you have experienced a permanent reduction in income and can't afford a repayment plan. In this case, the terms of the loan may be adjusted (the interest rate is lowered or the term is extended) so that monthly payments become affordable.


2. Forbearance Agreement- typically used if you have experienced a temporary hardship that is now over and you can resume making your regular payments. A popular option when you can't pay all of your past due mortgage payments at once. Here the lender agrees to move your delinquent payments to the back of the loan.


3. Repayment Plan- the preferred method of most lenders. Here the lender agrees to let you catch up the back payments by adding a portion of the past due amount to each current monthly payment until the account is current again.


4. Mortgage Refinance- you may elect to refinance your delinquent loan with your existing lender or a new lender if you faced a temporary financial setback, had good credit prior to the setback Nike Air Max 90 Sale , and can prove that you can now support the new mortgage payment. Usually not an option in other situation unless you agree to very high interest rates.


5. Deed in Lieu of Foreclosure- here you voluntarily convey the deed to your property back to the mortgage holder in order to prevent a foreclosure. By accepting the deed, the lender releases you from personal liability on the loan.


6. Sell your Home- you may choose to sell your house prior to the foreclosure auction. Lenders may postpone the foreclosure auction to allow you time to sell the home. If you are unable to work with your existing lender, or find a new lender Nike Air Max Sale , then it is time to get serious about selling. The longer you wait, the more likely you will need to sell your house quickly, most likely to an investor who will buy the house as-is and close quickly Air Max 97 Clearance , but will pay less than fair market value.


7. Bankruptcy- filing bankruptcy will temporarily stop the foreclosure case. You can file anytime before the foreclosure auction. However, this should be your LAST option, NOT your first. Though it usually does not permanently end the foreclosure Air Max 2017 Clearance , it can interrupt the foreclosure procedure and buy you months or years without losing your property. Statistics have sh