Ways to Stop and Deal with Foreclosures inEl Paso County

| Jul 30 , 20 13 at 12:42 AM PDTEl Paso : TX : USA

BY

1 0VIEWS: 9

Some ideal ways include communicat ing with the lender of the home. In case oft rouble in paying the amount, the lender should communicate the problem. Beingcurrent on the home loan gives the opt ion of ref inancing the loan. In case themortgage is delinquent, a loan modif icat ion plan can be availed. It is for yourinformat ion that in El Paso County the process of foreclosure is rapid. Also in ElPaso there are many counsellors who provide services where in the loan paymentcan be negot iated with the lender. Also they can re-evaluate the payment plans. TheEl Paso County has a family stabilizat ion service that provides relief to families onurgency basis if it is seen that they won’t be able to provide the loan amount back.Hence, the service is used to provide the whole payment for a month in lieu of thefamily.

In El Paso, a plan termed as loan forbearance is used to modify the loan plan. Theloss mit igat ion sect ion of the mortgage company will make arrangements in thiscase to pay back some payments and the rest of the balance within a certain t imeperiod. Once the payment is done, the changes made to your payment plan remainpermanent. Also the monthly payments will be resumed by the person who haveavailed the loan, once the modif icat ion is done. The forbearance becomes easy if it

MORE FROM ALLVOICES

UN to probe use ofchemical weapons in Syria

Could Brooks Forester of'The Bachelorette' Be Gay?

Egypt prosecutor refersBrotherhood chief tocriminal court for incitingviolence

Desiree Hartsock's 'TheBachelorette' spoiler tease:'Spirits stay high'

Contributor Report Ne ws Sto rie s: 0 Blo g Po sts: 1 Vide o s: 0 Imag e s: 0 Co mme nts: 0

allenrayallen

America's Real Unemplo yment Rat e: 14.3%

StoriesStories MediaMedia ContributorsContributors PeoplePeople MoreMore LoginLogin

PDFmyURL.com

is done prior the foreclosure lawsuit . Af ter the lawsuit is f iled it becomes dif f icult .

Another viable opt ion will be to sell the property or the home in open markets. Thiswill give you money from the sold property. A merit in this case is that the home canbe sold at a much higher current rate in the market than it was init ially bought at .

Mortgage reinstat ing- The mortgage can be planned again if the monthly paymentsare being missed out as reinstat ing the mortgage allows one to make payments t illthe morning of the auct ion date. This results in second mortgage plan. Being carefulin f inancing is another opt ion for you in case you want to make yourself risk-freefrom the exist ing mortgage plan that you have set yourself in. Usually many otherlenders will bother you by saying that you are pre-approved for other loans but thismight be a plan to f ix you into worse situat ions. To tackle out of the situat ion youshould see the value of your property, your credit score, income and amount ofmonthly payments. A back up is useful in this case.

Bankruptcy- This is an opt ion in case the f inancial situat ion is improved. The opt ioncan be explored just before the auct ion of the property. This can be done to prohibitthe sale of the property involved. Less people know that this only lingers the sale tosome months and do not stop it f rom happening. After f iling bankruptcy, arepayment plan has to be made. This plan is made to show that there is income topay for basic amenit ies like food and clothing. The last resort to turn for individualsis the current income being earned by him or her. There might also be a case whereyou are in a good f inancial posit ion and are able to pay the debts and make theproperty f ree.

The main mot ive should be to f ind a real estate person who can get you out of thesituat ion. He can arrange the buyers, f inance it and also enable in closing the

and property.sale of

homes

The last opt ion is to let the courts sell the homes or the mortgaged property. Incourts the homes or the propert ies are sold for 50 per cent of the current value.This is a loss to banks and f inancial inst itut ions and in cases such as these theymight even f ile for def iciency judgement against the person who is a defaulter. Alsoif the defaulter has not moved out of his house during the t ime of and isexpect ing it to be stopped, he or she is forced to move out of the house within 24

foreclosure

CARTOONS OF THE DAY

News Bundle o f Jo y American BaldWhist leblo wer

LOCAL OH OSU Nanny Det ro it Bankrupt

See More Cartoons »

Go t a similar st o ry?

America's Real Unemplo yment Rat e: 14.3%

Man Fo rgo t t en in Jail Cell Wins $4 Millio n

Vanit y Fair: Princess Diana Lo st Heart t oSurgeo n

Senio rs Sco o p Up Unclaimed $20,500 Checks?

Gando lf ini's Heart At t ack: Are Yo u at Risk?

Medical Myt hs T hat Can T hreat en Yo ur Lif e

Weiner's Wif e t o Take Ext ended Vacat io n

What's This?

PDFmyURL.com

hours of the court ’s judgement in El Paso County.

A cert if icate of t it le is levied to the new owner by the court af ter the judgement.This is done usually af ter ten days of judgement in the court of just ice.

allenrayallen is based in New Delhi, Delhi, India, and is a Stringer for Allvoices.Report Credibility

Credibility Reach

, , , , , READ MORE: Stop foreclosure El Paso buy my home Real Estate foreclosure business-news El Paso County MORE NEWS FROM: EL PASO : TX : USA

Ad ve rtise me nt

Sponsored From Around the Web

Rare Disco veryHelps Lo werBlo o d Pressure

Past o r Mo ckedf o r 'BiblicalMo ney Co de'(See Sho ckingVideo )

Ho w New iPadsare Selling f o rUnder $40

Ho w CruiseShips Fill T heirUnso ld Cabins

What HappensWhen Yo u Take aTest o st ero neSupplement

Go t a similar st o ry?Add it t o t he net wo rk!

Or add related content to this report

| | | | News Stories Blogs Images Videos Comments

MOST VIEWED REPORTS

Whistle-blower Snowden'sfather refuses to help FBIarrest son

| 13 hours agoBy: robertweller

George Zimmerman,packing new heat,stopped for speeding inTexas

| 6 hours agoBy: barryellsworth

Airport security canjeopardize passengersafety: TSA report

| 16 hours agoBy: barryellsworth

House GOP budget sharesgoals of Castro's Cuba

| 9 hours agoBy: itobin53

A few uncomfortable

SHARE: Twe e tTwe e t 0

Like Send Sign Up to see what your friends like.

PDFmyURL.com