Home Foreclosure Help - By: Ellen Black

Here we are in this present economic recession and the current foreclosure crisis is showing no signs of abating. People are still facing the fact that the homes that they purchased several years ago are now worth less than what they owe on those homes.

Many people have had substantial income cuts, while others have completely lost their jobs. This, of course, is greatly affecting their ability to pay back their mortgage loans. Every day people from all walks of life are looking for home foreclosure help!

According to the fresh data just released by the Mortgage Bankers Association, nearly 10 percent of all American homeowners with a mortgage missed at least one payment this summer. This report also indicates the percentage of mortgages that are somewhere in the foreclosure process during the second quarter of this year was 4.57 percent. This figure is slightly higher than it was last year at this same time.

The good news coming out of this report is in the fact that the number of mortgages that are several payments past due has gone down from last year. However, the Mortgage Bankers Association also reports a recent increase in new delinquencies. They remain "cautiously optimistic" about the mortgage market.

What does all of this mean for you? Actually there is some hope still available to those that are falling behind on their mortgage payments. And although, your banker may make it seem like you don't have any choices, you assuredly do have options.

In this present environment of state mandated mediation, foreclosure moratoriums, forbearance programs, short sales and especially loan modifications, it would be foolish not to look into some home foreclosure help and try to use any of the tools available to you before you decide to give up.

As a last resort you may be able to agree to give your home back to the bank by offering a deed in lieu of foreclosure. While certainly not the best option, this would allow you to forego the legal nightmare of suffering through the foreclosure process.

But here is the really good news for you; the experts agree that in most cases something can be done to escape foreclosure!

The objective, then, is to see if you meet the qualifications for one of these programs. Fortunately, most people are going to be eligible. If this is an owner occupied home, not an investment property, and your income has declined significantly, you just may meet the qualifications for a loan modification. With a loan modification you may be able to lower your interest rate and substantially lower your monthly payment.

So let me stress this point: if you are spinning into what may be a foreclosure situation - you do have options! Don't let the system leave you feeling powerless - take action today!

About the Author

Ellen worked in the real estate industry for 20 years as a licensed title examiner and mortgage officer. In this current economic crisis, many people need help navigating through the options available to them. Please visit my site if you need more home foreclosure help!

Article Directory Source: http://www.articlerich.com/profile/Ellen-Black/109634

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