Facing Foreclosure? You Have Options Available
If you are a struggling homeowner you should know that there are several alternatives that are being offered that may help you avoid foreclosure and reduce the negative impact on your credit.
Unfortunately, there are many foreclosure companies looking to prey on innocent homeowners. Knowing how to avoid these scams is crucial, but it's not the only step...
more
Facing Foreclosure? You Have Options Available
If you are a struggling homeowner you should know that there are several alternatives that are being offered that may help you avoid foreclosure and reduce the negative impact on your credit.
Unfortunately, there are many foreclosure companies looking to prey on innocent homeowners. Knowing how to avoid these scams is crucial, but it's not the only step in getting the help you need. For example, the myauroraloan.com (Equal Housing Lender, member FDIC) website has numerous options available for homeowners who are finding themselves behind on their mortgage payment.
Avoiding Foreclosure Scams
It can feel tempting to believe someone who tells you that they can help you save your home. Often, foreclosure scam victims unwittingly sign papers and pay fees that they shouldn't have. Scammers will make grandiose promises in exchange for your hard-earned money, and they may produce official-looking documents that guarantee everything.
However, these scammers are not in a position to help you modify your loans ? only your servicer can do that. There are legitimate firms that offer foreclosure help but be wary of anyone that wants you to pay for the services upfront.
Foreclosure scammers may tell you that they can negotiate directly with the lender on your behalf, or that there are government laws which specifically give them the power to work with your lender to help you stop foreclosure. They may ask for a specific fee, and once that's paid, you never hear from them again. Other scams may include signing over the ownership of your home to the ?foreclosure counselor?. You'll no longer own the home, but you'll still be responsible for the mortgage. Other scammers may require you to fill out some forms, and then they'll turn around and declare bankruptcy in your name, without your knowledge. All of these things can be devastating to your finances, not to mention your credit.
The First Step to Take
The most important thing you can do if you've missed, or think you may miss a payment because of circumstances beyond your control, is to call your servicer. Companies such as Aurora Bank (Equal Housing Lender, member FDIC) will work with their borrowers one-on-one to help, whether their borrowers are facing foreclosure because of disaster, unemployment or other scenarios. In fact, their borrowers may be able to qualify for federal programs or other alternatives to help save their home, including:
1. Home Affordable Modification Program (?HAMP?) also known as the Making Home Affordable Act, enacted by Congress as part of the effort to help homeowners avoid foreclosure
2. Repayment plan or loan modification
3. Pre-foreclosure sale or ?short sale?
4. Deed-in-lieu of foreclosure
If Aurora Bank (Equal Housing Lender, member FDIC) is your servicer they can help you understand what each of these foreclosure alternatives involves and whether or not you qualify for one or more of these options. Whatever your financial situation, it's important to contact your servicer as soon as you find you may not be able to make your regular payment. They may be able to help you with choices that can keep you from losing your home.
