One of the most devastating things that can happen to you is to lose your home. In many cases, there are techniques that help. If you (or someone you know) has lost their job, has less work (e.g. in construction or housing) than before, you may not be able to make full payments, and could go into foreclosure. I’m Jim Krage. You can read more about me at www.JamesKrage.com . I’ve been providing FREE Info since 2001 at WaMuFraud.com , StopBankFraud.com , ZeroOutDebts.com , and AmericanLoanAudits.com
Borrowers can try to get a new payment structure if they can show a hardship, like lower income, loan balance greater than home value, increases in expenses (car repairs, disaster, accidents, added medical expenses, college tuition,etc) or other problems. This payment restructuring may help the homeowner repay the lender in a different time frame. Often, the lender may lower the interest, with lower payments, but they usually refuse to lower principal. Second mortgages usually either disappear or are negoti
Often, someone can contract to buy it from you and negotiate with the bank, so the foreclosure auction doesn’t ruin your credit further, and the bank can’t do anything more to you. This is a called a negotiated Short Sale.
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