"When we found 1st Foreclosure Prevention, we were about to file bankruptcy. We thought it was the only way to stop the foreclosure process. We were so embarrassed at having to do this and didn't want our kids to even know. But we had to act right away if we wanted to stop foreclosure from happening to us. We had an adjustable rate mortgage that ballooned out of control and I lost my job. We had nothing to lose by getting the free foreclosure consultation from 1st Foreclosure Prevention. We were actually surprised at all of the choices we had to stop foreclosure. Thanks to them, we didn't have to file bankruptcy and are no longer in debt."
"When we refinanced our home, we didn't think that we would be facing the foreclosure process. But there we were - after 15 years in our home, going through a foreclosure because we couldn't afford to pay the mortgage. We refinanced to get money out to finish the basement, but then I lost my foot in a snowmobile accident. I was laid up for a while and the bills mounted. Then we found that the mortgage payments were actually going up! After 15 years in the same place, it can be really tough. But my wife called 1st Foreclosure Prevention and they helped us out. They gave us free advice on how we could stop foreclosure and what to do. We were able to save our home from foreclosure with their help."
"We figured that we'd be going through foreclosure no matter what. But we didn't know there were things that you could do to stop foreclosure from happening to us. We heard about foreclosure scams and were hesitant to even contact anyone for foreclosure help, for fear of getting scammed. But 1st Foreclosure Prevention seemed pretty legitimate. They helped us out and were actually able to stop foreclosure from happening to us. We got a free foreclosure evaluation and they were very informative as well as professional. We were pretty impressed with their experience and their knowledge of the laws in our state. We're glad that we contacted them as they really gave us the foreclosure help we needed."
"We were headed for the foreclosure process and knew that it would really mess up our credit. But we didn't think we had a choice. We tried to reason with the bank and pay them less but they didn't listen. They kept calling and sending us notices. We went to a lawyer who told us to file bankruptcy and wanted a lot of money to do this. If we had that money - we would have paid our mortgage! So finally, we called 1st Foreclosure Prevention after we saw them online. They were able to get us the foreclosure help that we needed and got us a good loan modification to prevent foreclosure."
"I wanted out of my mortgage in the worst way - it was the worst investment that I could make. The roof leaked and there were tons of other issues. But I didn't want to go through the foreclosure process because I knew it would screw up my credit. So when I found out about 1st Foreclosure Prevention, I figured I would give it a try. I was struggling to make payments on a piece of property that I didn't want. I got a free foreclosure consultation from them and they told me different things that I could do to get out of it. They gave me great foreclosure help and even helped me get rid of the property. Now I have a great place and no foreclosure on my record. And working with them was easy, too. Thanks, guys!"
"It seemed that every home in our block was up for foreclosure and we didn't think we had any way out. We knew that we owed more on the house than it was worth and were very tempted to just let the foreclosure process play out. Then my husband found out about foreclosure help from 1st Foreclosure Prevention. We contacted them and found that we could get out of the house without having to endure the foreclosure process. This company presented us with options that we didn't even know existed. Not only that, but we're glad we didn't go through the foreclosure process because my husband lost his job, got a new one and the employer did a credit check! This company really helped us out."
Home / Home Equity Loans Prevent Foreclosure
Can Home Equity Loans Prevent Foreclosure?
Many people have not one mortgage, but two mortgages on their property. While a home equity loan may be called something different, it is still a second mortgage. It reflects as a lien on your property and is subordinate to the first lien, which is your mortgage.
If you are like many Americans, you may be struggling to pay both your second and first mortgage payments. You may feel that you can only pay one and be debating on which one you should pay. You may want to negotiate with both lenders but feel that this is impossible as they will not negotiate with one another. You may be behind on your mortgage, second mortgage or both..
This is a scenario when you need the advice of loss mitigation specialists who can help you with not only your mortgage but a second mortgage as well. You may be tempted to stop foreclosure with a forbearance on your first mortgage while paying off the second. This usually does not work.
You may be tempted, if you have been in your home quite some time and have built up equity but are now having a difficult time paying the mortgage, to get a home equity loan so that you can continue to make your mortgage payments. This is one of the worst ideas that you can have. Not only does it not work to stop foreclosure (it merely stalls it) but it also puts you on the hook to two lenders instead of one. Even if you live in a state where the lender cannot seek a deficiency judgment in the case of foreclosure, a second lien holder can still sue you for monies owed.
Stop Foreclosure Of Second Mortgage
If you have been making payments to both lenders, the second lender may accept the property in lieu of foreclosure to pay off the first debt. This is becoming more and more unlikely, however, as lenders are not looking to add any more foreclosures on their books. If you have two mortgages on your home and are seeking to look for a way to enter into a voluntary foreclosure situation, you are better off to sell the home prior to foreclosure and at least save your credit. That way, you can stop foreclosure and start fresh.
No Equity! How To Stop Foreclosure
If you have tapped out all of the equity that was in your house because you borrowed it all on your second mortgage against an inflated home value, like many people in the United States, then you are in less of a bargaining position with the lender when it comes to stopping the foreclosure process. In such cases, you may owe more on the property than the property is worth. If this is the case, you may want to consider talking to loss mitigation specialists and getting a free foreclosure evaluation to see if you qualify for the short sale. This can be the answer you are looking for with regard to foreclosure help questions as it can allow you to walk away from your property without incurring further debt and without having a foreclosure on your record.
Loss Mitigation With Two Lenders
If you choose expert loss mitigation firms, you can get loss mitigation specialists who will not only be able to negotiate a deal to stop foreclosure on your first mortgage, but also on your second mortgage. There is more at stake than your credit when you have a second mortgage. A second lien holder can obtain a judgment against you that can be enforced in many ways, including freezing your bank account and even garnishing your wages.
If you are considering saving your home by getting a home equity loan, do yourself a favor and get some advice from loss mitigation experts who will be able to explain all of your options to you on how to stop foreclosure. Get your free foreclosure consultation and know all about what you can do to stop foreclosure without incurring more debt.
