foreclosure

Navigating A Tampa Short Sale Purchase May Involve A Realtor

February 22, 2012

Navigating a short sale in Tampa isn’t for the weak-minded, since there can be many obstacles to overcome, unless you have expert help. For those homebuyers negotiating on a home with an “underwater” mortgage, disappointment and hassle could be all you end up with, otherwise. This news isn’t meant to discourage you, since some great values can be found in Tampa short sale purchases and many lenders are willing to settle for this arrangement, versus owning another Tampa foreclosure home.

That’s not to say it’s an easy process, since there are delays and paperwork, just like on other home purchases. Buyers can get a great deal and sellers can sell their home and move on with their life, if a short sale purchase is completed before the home enters foreclosure proceedings. The ideal scenario is a quick closing and plenty of cooperation from all parties, but you can still encounter delays and “red tape”, regardless. A Tampa Realtor is trained to facilitate the entire short sale purchase transaction.

Tampa real estate professionals are familiar with pitfalls of short sales, keeping many homes from going through foreclosure. The Tampa MLS features short sale listings, but once the foreclosure process is started, pending offers may become obsolete. Tampa’s homes haven’t seen drastic price declines, since there isn’t a glut of foreclosures on the market. Short sale purchases protect your home’s value, in the big picture.

Sellers may be unable to take an offer under what’s owed on the mortgage, unless they’ve negotiated short sale possibilities with the lender. Tampa Realtors help sellers negotiate terms acceptable to the lender. With a professional real estate mediator, “upside-down” home mortgages may have deficits forgiven and qualified homebuyers can get a good value on a Tampa home, with the lender’s willingness and cooperation.

In the Florida housing market, there are many sellers “underwater” on their mortgage loans, depending on when they purchased and how much was borrowed. The drastic and quick decline of home prices forced sellers into a short sale or foreclosure situation. The most important thing a home buyer can do is to see what phase of the process the home mortgage is in, if it is nearing the foreclosure process. This can save disappointment, besides lots of effort, with no reward.

The Tampa MLS lists potential short sales, but some short sale arrangements can be disrupted, if the lender forecloses. Tampa foreclosures and bank-owned properties are handled by REO agencies, but they work with Tampa Realtors. Purchasing a specific home takes longer, once it’s entered foreclosure. A Tampa Realtor can explain the pros and cons.

Obviously, an expert in Tampa homes will be familiar with the obstacles you face and they will know how to overcome them. Timing is crucial, when it comes to completing these more complicated home-purchasing transactions. Tampa Realtors will communicate with the lender, which facilitates the quick completion of a short sale purchase.

About: Lance Mohr is a real estate agent in Tampa with over 13 years of experience. If you have any questions or are looking for an honest, hard working Realtor give me a call. For more information on Davis Island homes for sale or Harbour Island homes for sale please visit our website at Tampa2Enjoy.com.

U.S. Real Estate Market May Be The Owner Of Good News

February 21, 2012

There’s been a lot of negative statistics reported about the U.S. real estate market, since the beginning of the latest major housing crash, but it’s not all bad news, lately. In fact, there’s some good news released by The Mortgage Bankers Association and even Florida’s market is included. Recent statistics show fewer borrowers are delinquent on their mortgage, for the 3rd quarter in a row and single-family building permits have reached a 10-month high. Fewer foreclosures in the pipeline may indicate rebounds in housing prices.

The most important aspect of these latest reports is the share of borrowers that are less than 60 days behind, but more than 30 days. This statistic is at a four-year low, meaning some stabilization in coming months and years, if the trend remains. For homebuyers sitting on the sidelines, this means the best opportunities for great deals could be more difficult to locate. In the Tampa real estate market, stabilization has been taking place, besides other areas of Florida. Existing home and condo sales are up and median sales prices are slowly increasing.

If you are interested in purchasing a home in Tampa, the best advice would be to contact a Realtor. They are experts in the field and have the knowledge to help homebuyers get the best deals. Sellers of existing homes will find professional service and advice helpful, when it comes to selling a home quickly and for the best market price.

This doesn’t mean everything’s wonderful in the U.S. real estate market and foreclosures in Florida are still above comfortable levels. Bargain-hunting has become commonplace, but the fact remains there are many reasons to consider homes in Florida’s best locations. The area’s spectacular climate makes it a popular hotspot for golfing, fishing and water activities or visits to the numerous theme parks. You’ll find many other features and benefits to living in Tampa or any of Florida’s other popular destination areas.

Smart home purchasers will recognize the need for professional assistance, especially as rebounding occurs in the United States housing markets, including Florida or Tampa, in particular. Mortgage payments are expected to be made with increasing timeliness, according The Commerce Department. While starts of new-builds are still sluggish, increased optimism could lead to upward movements in home prices.

Tampa’s Realtors can vouch for some of the great amenities the area has to offer and a stable economic climate exists, because of the industry diversification and waterfront metropolitan location. It’s no secret that Florida offers tourist-related attractions and the sunny climate is the reason many retirees are still purchasing their dream home in Florida. Short sales and REO or foreclosure homes mean their dream is more affordable than ever!

Since it’s not all bad news in the U.S. real estate market, Tampa’s enjoying stabilization in house prices and sales, as are many other parts of Florida. If you’ve been procrastinating about purchasing a home because you’re waiting for the bottom to occur, you might not wait much longer to find your dream home in an amenity-filled subdivision, for your family.

Lance Mohr is a specialist in the Tampa real estate market with more than 13 year experience as a Realtor. If you have any questions or are looking for an hard working Realtor give me a call. For details on Lakeview Village homes for sale or Peppermill homes for sale visit Tampa2Enjoy.com.

How To Answer A Credit Card Summons

February 20, 2012

How to answer a credit card summons is something that many consumers worry about unnecessarily. There are many ways in which I have seen consumers try to answer these summons but only one way seems to work. I will explain to you the best way to answer and direct your efforts to other things that are more worthwhile to protect your financial situation.

I have watched as many people have made a ridiculous mistake. Everyone will always have a few different options when it comes to deciding how to answer a credit card summons. What I want to impress upon you is that by not answering you will automatically lose the case. There is no decision that is worse than this! Do not make this mistake and ensure that you lose the case made against you.

Answering the summons is quite simple. All that you need to do is follow the legal procedure for whatever or whenever you are being summoned. This may feel like you are giving in or admitting defeat. In fact it is quite the opposite. Now that you have answered the summons you can use other methods to win the case presented against you.

As a consumer, you must recognize that your greatest defense in court will be knowledge of the legal system. The amount of knowledge a consumer has is the single greatest determining factor for whether or not a lawsuit will be won or lost. So instead of asking how to answer a credit card summons, ask how do I get knowledge about the legal process.

To be successful in the courtroom, your best line of defense is to understand the opposing attorneys strategies that he or she will use against you. Most opposing attorneys will assume that the consumer knows very little about the legal process. This is true for the majority of the time. If you can surprise the attorney by being knowledgeable about your rights and the legal process, you have made a huge step toward winning your case. The best things to ask for are to request that the creditor show financial records proving that the actually loaned you their own money, as well as requesting proof of a signed, dated and valid contract.

In summary, it is simple to answer how to answer a credit card summons. The best way is to answer it promptly and legally. Do not be tempted to run away from the summons or not show up. Doing so will undoubtedly land you a costly ruling against you. Alternately, use your time educating yourself on how to defend yourself in court.

Are you searching for the best information available on how to beat a Credit Lawsuit? Go to Allan Henry’s site for free tips on beating a credit card debt Lawsuit at www.creditcarddebtlitigation.com

Great Neighborhood to Consider When Looking for a Home

February 19, 2012

If you’ve come to be frustrated with the lack of opportunities in the actual estate industry, you may want to take into consideration what visiting a tax sale can do for your prospects. Instead of shopping for properties for just a bit beneath industry value and attempting to turn around and sell them to a public that isn’t acquiring, you can acquire houses for pennies on the dollar. Whilst these properties are seldom in selling condition, with a tiny bit of effort and money you can turn them into a dwelling that will have terrific curb appeal. It takes function, but it can be well worth it, as you will see when you make your initial sale.

Foreclosure Foreclosures take place when a homeowner fails to meet his economic obligations. Though mortgage foreclosures, brought by the bank, are the most widespread type and the ones most men and women are familiar with, those do not lead to a tax sale. But the government can bring foreclosure as well if a homeowner fails to meet his financial responsibilities to them.

The holder of the lien can bring about this foreclosure, leaving the homeowner with no choice but to vacate the property. The authority is then interested only in recovering the unpaid taxes. They will do so by selling the houses at a reduced price. This provides the government (or private lien holder) a likelihood to get what’s owed to them and it gives investors a opportunity to pick up a property for a song.

Looking for Properties If you are interested in bidding at a tax sale, you will initial have to have to know how to find the properties. Thankfully, most cities and counties make it simple to come by this information and facts. You may perhaps be in a position to find the data suitable on their web-site. If there is an auction scheduled to take place soon, you can gather whatever information they have on the properties (which could be scarce) and begin performing your personal study.

This includes going to the physical property your self, as it is commonly a mistake to acquire a house without knowing precisely what you are acquiring into.

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What Is Worse – Bankruptcy Or Foreclosure Faq

February 19, 2012

The recent financial squeeze has left many Canadians struggling with mortgage and other payments, and it does not seem to be letting up. Millions face a difficult dilemma, should they file bankruptcy or opt for foreclosure?

In reality, this is not an easy choice. foreclosure and bankruptcy will stay on your credit report, though bankruptcy is likely to stay longer. At the same time, financial institutions do not look favorably on borrowers who have faced foreclosure.

Contact your bank before you decide to go with closure. Being one or two months behind is the right time to talk to them. If the lender has sent you a formal notice of default, which means that you are several months behind, this may look more serious to you. Do not despair because the formal process of foreclosure has not started yet. Of course, one question to answer is whether you want to keep the property, or you are willing to give it up. If you would rather keep it, you can try to make up for the payments you’ve missed. You can pay in a lump sum or spread them out. If this is not possible, your best bet is to contact your lender and request loan modification. For example, you can ask if they can lower your interest rate.

What happens if you declare bankruptcy? This can come at a price. First, you may have to hire a bankruptcy lawyer who may charge you a hefty fee. On the other hand, it may be difficult to find a good professional because some of them are after profits and handle cases quickly. Thus, they may not give your bankruptcy case a proper attention. Other costs associated with the bankruptcy process include government fees for filing, court fees, mailing costs, etc. Your trustee may ask that you cover these and other costs. Windfalls you are entitled to or receive will be lost when you go bankrupt. These include money you get by luck, for instance, inheritance or lottery winnings. You will also lose a portion of your earnings or what is considered surplus income. Your trustee in bankruptcy will inform you how much you are required to pay. You should bring recent pay stubs to this purpose.

In addition, not all debts are eliminated including taxes, alimony, and debts due to fraud or injury. Fines and penalties are to be paid as well.

Bankrutpcy will remain on your record for several years, and your application for a credit card or loan may be denied. Is discrimination a source of concern? Discrimination against persons who have filed bankruptcy is prohibited by law. Thus, such persons cannot be denied a driver’s license, public housing, or job on these grounds.

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Tampa Luxury Homes – Discovering Distinctive House Purchasing Opportunities

February 16, 2012

For the homebuyer that is looking for that special property Tampa luxury homes are the ideal option. With a temperate climate all year, access to some of the best golf courses in the United States and proximity to some of the best beaches along with waterfront living, Tampa offers the discriminating buyer a unique opportunity

Although waterfront homes in Tampa are one of the choices many people look for, other popular homes include historical homes for those in love with the romance of history, golf course homes for golf fans, and equine estates for the horse lover and bay front homes are what those who enjoy watersports and beautiful scenery.

So, have you been procrastinating about purchasing your dream home? If you have ever thought about purchasing a home in the Tampa area, you need to realize that the prices are at a all time low, and these declines could very well be short lived, as the housing market will rebound just like it has done in the past. So, you may wish to stop the procrastination while there is still opportunity available to purchase an upscale home and possibly save thousands of dollars. Each month there are fewer and fewer distressed sellers being found in the Tampa Bay area.

With the Tampa bay area offering some of the most desirable locations whether it be in the outlying suburban areas or right on the bay’s waterfront the unique locations and rich features will appeal to luxury home buyers. As recent numbers have shown the national housing market is seeing a comeback with average house prices rising, especially in the Tampa luxury home market.

In the upper-price range homes, you may be able to find short sales or foreclosure homes. By working with a real estate professional local to the area, you will be able to find homes where the price has been greatly reduced. They will also be able to help you with the communities you want to consider, such as various gated communities that are very popular in the Tampa Bay area. A realtor will also be knowledgeable in low interest mortgage options.

Obtaining the assistance and using services and knowledge of a professional realtor will not cost you anything. And when you plan on spending in excessive of $800,000 you want to make sure that you are getting the best value available. You may even get lucky and find one of those million plus dollar Tampa luxury homes at a great discount when you use a professional realtor.

When considering a luxury home in Tampa the important things to remember are to choose your new home based on your personal taste and your lifestyle. Due to their location, amenities and features Tampa luxury properties may tend to retain their value a lot more than most housing markets.

For instance, some of the features you may wish to have is a boat dock, or your own horse stable, a private historical estate or exclusive privileges on a golf course. Tampa is well known for its world class shopping, breathtakingly beautiful beaches, and numerous watersport adventures. Some of the favorite pastimes for upscale waterfront homebuyers include relaxing on the beach, boating and fishing.

Your home will probably be one of the largest investments you will ever make. So, if you are on the market for a luxury home, then a real estate agent will be the way to find the best home buying opportunities.

About: Lance Mohr is a Realtor in Tampa, FL with more than 13 years of experience. If you have any questions or are looking for an honest, hard working Realtor give me a call. For more information on Meadow Pointe homes for sale or New River homes for sale go to Tampa2Enjoy.com.

A Bad & Ill-fated Property Foreclosure in This World

February 15, 2012

A house foreclosure is not a nice experience for anyone involved. Your house foreclosure can be a legal proceeding where a bank or lender attempts to recover money. Home foreclosure is really a growing trouble in towns through the nation, as well as in neighborhoods through the Nation. Repression is the procedure which usually constitutes neurosis, whereas foreclosure will be the procedure which constitutes psychosis. Ensure the company you select to avoid house foreclosure is a member with the better business bureau. Foreclosure is really a lawful course of action through which the actual rights to a home is removed on the owner and the home is then sold to satisfy delinquent mortgage loans along with liens against the house.

A judicial foreclosure is handled as a civil lawsuit and is conducted entirely with the actual guidance from the court, when any non-judicial foreclosure happens without the formal courtroom process. A judicial foreclosure is performed simply by submitting a new complaint in the local trial court with the place where by the home can be located. Non judicial foreclosure will be less than judicial foreclosure. Therefore it is usually declared that non-judicial foreclosure is one of commonly used foreclosure methods nationally. The schedule pertaining to judicial foreclosures is offered through the court. The particular non-judicial foreclosure can be called power of sale. Non-judicial foreclosures will be done just when power of sale clause prevails in accomplishment regarding trust/mortgage.

A judicial foreclosure basically shows that the particular foreclosure is a court ordered lawful procedure. Foreclosure will be the lawful and professional proceeding by which a mortgagee, or perhaps some other lien holder, often a lender, gains the court ordered termination of a mortgagor’s right of payoff. Try to avoid foreclosure . Home owner payoff following foreclosed is achievable in most states, the time intervals are usually listed where accessible. Among the sectors that was a saving grace for many individuals searching for a destination for all their treasures and earthly posessions after foreclosed could be the home storage space business. Most likely the very best choice for receiving a mortgage after foreclosure is with your federally FHA mortgage loan, says a former Home Local Specialist.

Make an effort to prevent the difficulty all together. One of the crucial ways in order to avoid foreclosures is always to look for homeownership guidance before buying a house. Another essential action to consider right after foreclosures is actually accepting that this change has took place but not placing blame. That’s right, the foreclosure is practically always a last ditch choice for your mortgage company they will frequently lose money, it is a lot of work and expensive to manage the foreclosed procedure, really bad for their reputation : the risk of finding yourself in the media regarding foreclosing always scares banking institutions.

Know your rights if you have received a notice of foreclosure. If the foreclosure is after May 20, 2009, that you are eligible for 3 months notice for you to vacate the home. A foreclosure is when a lender takes ownership of your home, usually because you’ve fallen behind on your mortgage payments, and occurs when you haven’t made any payments for around 90 days.

If you’re going through foreclosure, buying a backlit keyboard might be last on your list. You definitely won’t care about your toilet paper.

Do I Need Legal and Tax Advice for a Short Sale or Foreclosure

February 14, 2012

We hosted a short sale and foreclosure panel discussion yesterday. The panel members included Scott Drucker, a short sale/real-estate solicitor from Mack, Drucker and Watson, Eric Viavattene, a wickedly smart CPA from Dobbins Fiscal and Gerry Russell, the managing broker with Realty Middle management Phoenix. Once again we were reminded how important it is to find BOTH legal and tax advice when thinking about a short sale or foreclosure in Phoenix, AZ. Yes, we did the bold face thing. We really do mean this.

There is much perplexity about the legal and tax implications of either a short sale or foreclosure. We’ve taken well over 100 hours of continuing education and speciality seminars covering short sales/foreclosure and every time we leave more knowledgeable, yet daunted by the complexities concerned. The primary area of misunderstanding is the most notable difference between the legal and tax implications. It is just like night and day.

Just so you know, we're not going to try and explain the variations between the legal side and tax/IRS in a short sale or foreclosure in this article.. There are just too many variables to cover, and we're not attorneys or tax pros. Having said that , below are a couple of things both Eric and Scott mentioned during the discourse we want to pass on.

Short sales frequently offer more protection to the homeowner than a foreclosure. This isn't an absolute though and will be explored by consulting both a tax and legal pro.

The Arizona Anti-Deficiency laws don't always protect a homeowner from IRS liabilities during a short sale or foreclosure. The anti-deficiency laws offer legal protection in categorical circumstances, yet may not guard against an IRS need.

Insolvency is an IRS protection mechanism some could benefit using in association with a short sale or foreclosure. Nonetheless you have got to make a very strong and correct paper trail.

If going into foreclosure, many will benefit by having a rating performed prior to the trustee sale.

If you are considering bankruptcy together with a foreclosure or short sale, confirm and work with a great bankruptcy attorney and tax professional before you do anything. If you do things in the wrong order you may find yourself in peril.

If you have done a short sale and received a 1099 from the lender, don’t ignore it. Search for a qualified tax pro to insure it is reported properly to the IRS.

This is just a short list of many products that came up in the 1.5 hour panel discussion. The final analysis reminder to us as Realtors is simple: Strongly counsel our clients to seek pro counsel. This has long been our policy, yet it's good to be reminded.

You may be asking yourself how much consultation cost. We cannot talk for all lawyers and tax executives, yet Scott and Eric shared their charges with us.

Mack, Drucker and Watson will sit with you, go over your current position and offer options for only $250.00. The folds at Dobbins Finance will check your situation and offer guidance for $195.00. Thus, for under $500.00 you may be well informed BEFORE reaching a decision. To us that is cheap insurance.

AN IMPORTANT NOTE: Quality information is the results of good info. Ensure you gather any and all loan documents and finance reports before meeting with your legal and tax counsel. We’ve read about folks who didn't remember to mention they'd refinanced their home or taken money out in a home equity line and found themselves in appalling straights later on.

CONCLUSIONS ABOUT SEEKING LEGAL AND TAX INFORMATION Before A SHORT SALE OR FORECLOUSRE:

There is simply no way most householders can proceed with a short sale or foreclosure on there own. The IRS tax code is miles long and the legal side of the equation is a moving target based mostly on new rulings and changing laws. Your long term safely and contentment is worth about a hundred USD.

Phoenix Short Sales Specialist makes a speciality of Short Sales in the Phoenix AZ metro areas. Reasons for short sales include minimal credit damage, ability to obtain a future mortgage, work factors, avoiding foreclosure and low taxation burden. We can help you with your Short Sale today!Phoenix Short Sales Specialist 2 N Central Ave 720
Phoenix, AZ 85004
(480) 648-4929

Foreclosure Process

February 13, 2012

When you miss a payment you will most likely receive a letter from your bank or lender informing you that you are delinquent (behind in house payments) 30 days, 60 days, 90 days, etc. These letters will only last so long, before the “clock” starts ticking. When I say “clock”, I mean the window of time your bank or lender HAS TO LEGALLY wait before they can evict you (the time frame depends on your state laws).

If you DO NOT RESPOND to the letter(s), the bank assumes you do not want to stay in your home or that you may have already moved out in the middle of the night, which unfortunately does happen because people haven’t been educated. If you don’t contact your lender, you may actually be speeding up the process of foreclosure on your home. The best thing to do is stay in contact with them, even if you are not able to make payments. Bear in mind, if a foreclosure takes place, you will have the amount of the outstanding loan and any additional fees left on your credit report as debt owed. Just because you leave the property or are forced out by an eviction doesn’t mean you no longer owe the lender the amount still outstanding. The only way to avoid carrying that debt is by filing for bankruptcy.

Bankruptcy can be a scary thought…I discuss the most common questions and concerns later. Although bankruptcy stays on your credit report for 10 years, a foreclosure stays on your report for 7 years. Either way you will have to rebuild your credit WHICH CAN BE DONE!! The difference between the two is that with foreclosure you are still responsible for paying back the lender. If foreclosure does occur, you still have time AFTER the sale of the home in which to stay in your home and try to reclaim it (the amount of time varies by state, see your state laws for clarification – www.foreclosurelaw.org).

FORECLOSURE TIMELINE What happens when I miss my mortgage (house) payments? Foreclosure may occur, but not right away. This is the process banks and lenders use to repossess (take over) your home. After the foreclosure process is complete, only then will you have to move out of your house but you will still have some time. What to do if you receive a foreclosure, default, deficiency, late, overdue payment or notice of default letter?

1) DO NOT ignore the delinquent or “notice of default” (also known as the foreclosure process) letters from the bank.

2) STAY IN YOUR HOME. If you leave your home you may not qualify for mortgage payment or home modification assistance.

3) You may want to contact a HUD-approved housing counseling agency.

4) If you bought your home with a VA loan, call your nearest VA office or loan service representative for mortgage assistance.

Learn firsthand how to avoid foreclosure and save your home from foreclosure like I did!

If you’re interested in finding out How to Save Your Home from Foreclosure – like I did! You can watch my 20 minute foreclosure video here.

Loan Modification Hardship Letter

February 11, 2012

Below is a Sample Foreclosure Hardship Letter which can be tailored to suit your needs when requesting loan modification assistance from your bank or lender. Remember to keep the information as close to one page as possible. The loss mitigation unit receives several of these hardship letters and they do not have time to read a lengthy letter.

You don’t need to write a “foreclosure sob story”, these days everyone has one. Whether you stopped making house payments because of a job loss, decrease in salary, loss of a spouse, divorce, unexpected medical bill or change in health, etc. they all are good reasons but you don’t need to expound on the details for your delinquency.

Get straight to the point and make sure you “spell out” what it is you are looking for (loan modification, housing assistance program, reamoritization of your current mortgage loan, extension on terms, lower interest rate, etc.) in most cases they will make the recommendation depending on your delinquency and present situation. You should determine ahead of time how much you are looking to lower your house payment and say so in your letter (you must be realistic in your response). If you are now in a better position (maybe you lost your job but are now employed and able to continue payments) you should state that in the letter as well. Lenders can usually get you caught up within 6 mos. to a year and get you back on track without damaging your credit.

Whatever you do, DON’T make the bank/lender try and decipher what your current circumstances are and what would help get you back on track. By giving them the information they can come up with a solution to match your request rather than offering you a “canned response” and end up placing you on a program that doubles your payment in an effort to get you caught back up. You must be able to show proof of income for them to work with you…even if it is unemployment income (it still counts).

SAMPLE HARDSHIP LETTER

Date

Bank Representative Name

Bank Name

Fax:

Your Name(s)

Address

xxx-xxx-xxxx Hm

xxx-xxx-xxxx Cell

Loan #

Thank you for your consideration with regard to our 1 st mortgage (Acct# xxxxxxxx) and/or Home Equity Line of Credit/2nd mortgage (Acct# xxxxxxx). After carefully revising our monthly budget, it has become necessary to request a loan modification or a consolidation of some type, which would reduce our total monthly payment by at least $ XXX per month.

The reason for our request is due to (fill in blank with cause for you falling behind in house payments)___________. We are presently XX months behind in payments. Prior to this time, we have had excellent credit as our history will indicate.

As of (date), (your name)’s income was reduced by xx% (or you can use dollar amount). We have made financial adjustments to our personal budget to decrease monthly expenses and to help remain in good standing on our mortgage payments. The following adjustments have been made (fill in blank) ______.

(example: selling our 2006 vehicle to purchase a 2001 to cut our car payment in half. We have reduced unnecessary cell phone, internet and cable services. We have reviewed our home owners and auto insurance policies with various carriers and have found we still have the lowest rates possible while maintaining proper coverage. We have also canceled gym memberships);

however, with these steps taken, we are still finding it necessary to request a modification to our loans.Now that our situation has changed, we are seeking a solution and possible loan modification program that we may qualify for similar to the “Making Home Affordable” program. We believe this will help us to remain in good standing as we have been in the past, by reducing our overall monthly mortgage loan(s) of $1x,xxx by at least $300/mo.

We are making every effort to bring our account current and get to a place where (bank name) will see these positive changes. In the meantime, we are asking for help that we believe will relieve the pressure on our current financial budget and keep our loans with (bank name) in good standing. Thank you for taking our case into consideration. I have attached financial reports to help show our present financial status. If you require further financial information or other documentation, please contact me at one of the numbers above.

Thank you again,

You can also learn more about How To Stop foreclosure in theforeclosure video.