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How to AvoidForeclosures                                                          Contents                                ...
2Speak to Your LenderSpeak to your lender immediately you sense you might begetting into difficulties, and if possible bef...
3                                             Short SaleForeclosure Deals12550 Biscayne Blvd, Suite 306               Spea...
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How to Avoid Foreclosures

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Be aware of how to avoid foreclosures with this presentation from ForeclosureDeals.com. If you are having difficulty paying for your home, know what to do to avoid the foreclosure process.

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How to Avoid Foreclosures

  1. 1. How to AvoidForeclosures Contents Introduction...…………………………...1In the early days of the financial crisis and the spateof foreclosures that followed, many buyers with Speak to Your Lender...……..……...2mortgage payment problems just gave up. America Repayment Plan..……………………….2subsequently realized that foreclosures werehelping nobody – between them, the government Mortgage Modification……………...2and the banks put measures into place to help avoid Short Sale……………………………….....3foreclosures. If you are having difficulty paying foryour home, then this is what you ought to do. Chapter 13 Bankruptcy…….…….....3
  2. 2. 2Speak to Your LenderSpeak to your lender immediately you sense you might begetting into difficulties, and if possible before you miss apayment. If you wait instead until you receive a defaultnotice, they may be less inclined to help, because yourfailure to contact them first has already cost them money. Repayment Plan See if you can arrange a repayment plan that works for you and for the bank. This involves a program to catch up on missed payments over several months, and is the ideal way to avoid foreclosures because your credit record remains intact. Mortgage ModificationWhat’s does that mean?For more terms and definitions, Discuss a mortgage modification with your lender. In termscheck out ForeclosureDeals.com’sglossary page: of this, the interest rate comes down or part of the outstandinghttp://www.foreclosuredeals.com/Glossary.php balance is forgiven. Be careful with the latter, though. If a part of, or an entire debt is wiped clean, you will be marked down on your credit record because money was not paid.
  3. 3. 3 Short SaleForeclosure Deals12550 Biscayne Blvd, Suite 306 Speak to your bank about a short sale in terms of whichMiami, FL 33181FAX: 1-347-402-6620 the balance on your housing loan will be forgiven. This isContact@foreclosuredeals.com an attractive option too, except for the impact on yourIf it’s not a deal, we won’t list it here! credit record once again.Find us on the Web:http://www.ForeclosureDeals.com/ Chapter 13 Bankruptcy If all else fails, file for Chapter 13 bankruptcy before the bank forecloses. Rather than become another debtor in the queue, the bank may decide to become more obliging instead. This should not be necessary though, because the law requires that lenders do everything they possibly can to avoid foreclosures.

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