top tips for preventing foreclosure

TOP TIPS FOR PREVENTING FORECLOSURECONTACT:RE ACQUISITIONS1-866-772-4846INFO@SELLHOMEOWNER.COMHTTP://WWW.SELLHOMEOWNER.COM

Preventing foreclosure is at the top of the list for thousands of families. And while it can’t be avoided in all situations, there are steps that you can take that will ensure you have the best possible chance. After reviewing the list, it is important to connect with a qualified debt negotiations specialist to create a solid plan of action.

Check out President Obama’s new housing bailout plan. The $76 million dollar loan modification program, called the “Homeowner Affordability and Stability Plan” was announced by the Department of the Treasury in February.

Eligibility requirements for participating in the plan include:

Only homeowners with loans through Fannie Mae and Freddie Mac qualify

Borrowers can’t owe more than 105% of the value of their home

The home must be the primary residence

Explore short sale options. In this transaction, the homeowner receives permission from the bank to sell the property for less than the value of the note. And though it sounds simple, it actually involves numerous steps and negotiations. Finding a reputable short sale service is critical in ensuring success.

If your interest rates are soaring, contact a professional mortgage broker who can work directly with your bank to negotiate loan modifications.

Let your bank know when you are having difficulty, don’t wait until you are behind on payments or about to lose your house to foreclosure. It is harder to negotiate when you have defaulted on your loan.

If you need to sell your home fast, there are short sale companies that already have qualified buyers who will pay in cash. Just be sure you are connecting with a reputable business.

In Portland, RE Acquisitions has seen a dramatic increase in phone calls from homeowners in need of assistance. “We understand the options for foreclosure prevention. We want to make sure that no one has to go through that experience unless there are absolutely no other alternatives.” RE Acquisitions (www.sellhomeowner.com) is a Portland, OR based short sale servicing and foreclosure prevention firm.

If you are stuck in a house you can’t afford, remember, there are thousands of people just like you. Don’t let shame or embarrassment keep you from taking steps to prevent foreclosure. Find a solid company to represent you and move forward.Be sure you are dealing with a reputable mortgage broker who is licensed and bonded.

The bottom line is that you do have options to avoid foreclosure. Contact the licensed and bonded mortgage brokers at www.sellhomeowner.com today for more information.