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How can I save my house?

Ship Out of Water
There are several ways to save your house. Some of them are better for you than for the bank. The banks prefer the methods best for them. We will discuss them in order of what's best for you, the homeowner.

By the way, you don't generally need a lawyer if the bank gets what they want. On the other hand, if a good lawyer can save you more than his/her cost to you, it's worth it!

Types of Financial Assistance


  ♦ Loan Modification: Modifications can take several forms, and they are not all equal. Basically it comes down to negotiating new terms between you and the lender. The banks will usually fight anything that cuts into the principal, and be most flexible with the interest rate. So negotiate in this order when possible: Reducing the Principle Balance, Change to Fixed rather than Adjustable Interest Rate, Lowering the Interest Rate, Forgiveness of Fees and Payment Faults, and if necessary ... get a longer Term on the loan (with no prepayment penalty.) The new guidelines for loan modification set down by President Obama also come with prequalification; not everyone qualifies. Furthermore, there have been a lot of scams in the past ... most of which have been caught and closed down by the authorities.  more ...

  ♦ Short Refinance: This is like a loan modification when it comes to results, but not the bank's favorite solution. Basically, your lender reduces the principal balance of your backwards mortgage to permit refinancing with a different lender; they don't want you on their books anymore. They will only do this for the benefit of another bank; don't imagine it's because they love you. This reduction in principal is required to meet the Loan-to-Value guidelines the new lender must meet to make the refinancing possible.  more ...

  ♦ Refinance: This used to be the standard option. If you find yourself without equity, like most of America today, you may feel you have to forget about it. Just the same, it is not impossible to refinance today. If you do happen to still qualify for a traditional loan, be sure to get a fixed low interest rate. If you feel you might need some help, read  more ...

  ♦ Debt Consolidation: This is generally done by lumping high interest loans together and paying them off with a single low interest rate loan. In the past this was generally done with a Home Equity Loan. Today, almost no one has any equity left. Another aspect of this is Credit Card Consolidation, used for total credit card debt in excess of $10,000. This has been getting a lot of press lately, but not all companies do the same thing. The "free" or "consumer" services will not get you a principal reduction, and often don't even freeze your interest payments or fees. The better companies will, but they charge for the service. And please note that not all companies that charge a fee are worth the fee.  more ...

  ♦ Credit Repair: Have you been through the 'Credit Mill' and come out the other side feeling crushed? Have you climbed back up, but the Credit Agencies & Banks still won't trust you yet? Would you like to optimize your credit score as soon as possible? If so, check this out: "Improve My Credit"

  ♦ Bankruptcy: When you can't pay several of your creditors, not just the mortgage, then you may need the help of the court to get out of your dilemma. Explore every other option first; this should be your last resort. Bankruptcy could delay eviction, but it may also prevent you from getting back into a new home when you want to, and it will impact your credit more than any of the other options.  more ...

  ♦ Deed in Lieu of Foreclosure: If you can't make your mortgage payments, and you don't qualify for one of the better options, this is better than just walking away from your loan. If you have a Fannie Mae home mortgage, you may still have an opportunity to stay in your home, even if it goes into foreclosure.  more ...

To better understand which option is best for you, the headlines above have direct links to more information on this website for your convenience.


Note: If the above options won't work for you, and you believe that you will Lose the house anyway, but you still hope to stay solvent, there may be Other Solutions

Beware of Foreclosure Rescue Scams - Help is Free!

Scam artists prey on struggling homeowners and often target defendants named in foreclosure proceedings. Don't let them take advantage of you, your situation, your house or your money. The best way to avoid becoming a victim is to get informed and ask a lot of questions. Trusted Tips: HUD - Fannie Mae
If you receive an offer, information or advice that sounds too good to be true, it probably is.

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