Real Estate News Blog April Archive

Lenders act to limit US foreclosures

By Art C Ryter at 04/30/07 23:37

Details how lenders are acting to limit the number of subprime and other mortgage loan delinquencies from becoming foreclosures. The mortgage bankers association in conjunction with non-profit groups is trying to create programs that will help people avoid foreclosure. Non-traditional, but valid ways of avoiding foreclosure could be to ask your lender about giving you a forebearance or a loan modification if you can’t refinance it at the present.

Original source: . Lenders act to limit US foreclosures

Five Steps To Prevent Big Mortgage Trouble

This is really a no-brainer in terms of preventing mortgage delinquencies, or worse yet, foreclosures, but the five steps are: make your payments on time to avoid foreclosure proceedings; focus on your monthly budget to squeeze money to make your subprime mortgage payment; talk to your lender to avoid foreclosure and get the safest advice (especially because fraudsters like to prey on people who have missed payments); ask about alternatives to foreclosure, such as a forebearance; and finally find out how your credit score would be affected, because you may want to be able to buy another house some day.

Original source: . Five Steps To Prevent Big Mortgage Trouble