"We were really in a jam. I was on disability because of my back and it wasn't enough to cover the mortgage payments. My wife lost her job and got another one, but it didn't pay as good as the first job. Our house was heading for the foreclosure process and fast. But we didn't know what to do. It seemed everything was spinning out of control for us. Luckily, my wife found 1st Foreclosure Prevention online. We filled out the form for the free foreclosure consultation and got a call the next day. We talked it over with them and gave them more information. Then they gave us a case study of our situation that was really detailed. They seemed to really know what they were doing and they did because the stopped foreclosure for us. They got us out of a bad situation - we can never thank them enough."
"We called 1st Foreclosure Prevention right away because a friend of ours who went through foreclosure in Florida told us about them. We knew that the sooner we acted to stop foreclosure, the better our chances. They gave us a lot of help and we were able to prevent foreclosure. Their loss mitigation specialists were great, too. They knew the laws in our state better than we did and they also had a lot of options for us that we never would have considered. Thanks to them, we are much better off. We're glad our friend recommended them and now we will do the same for others."
"We were pretty shook up about losing our home. After all, we have been here over 30 years. But we refinanced our home to help our son buy his. Then he lost his job and went into foreclosure and had to move in with us. We were about to go through the same foreclosure process and then we'd have nowhere to go. We called 1st Foreclosure Prevention and then helped us understand a few things about how to stop foreclosure. I wish my son had called him as this could have helped him. But it did help us and we were able to keep our home, thanks to them. Our son is getting back on his feet, but he would have done better had he called them and not gone through foreclosure. We're pretty happy with the service they gave us."
"We were in way over our heads with our property. We bought it high and when the market crashed, we were upside down with our mortgage. We were about to file for a bankruptcy when we found out about 1st Foreclosure Prevention online. We decided that at this point, we had nothing left to lose. We were already resigned that we were going to probably lose our home anyway and our credit would be shot. We are so happy that we called for a free foreclosure consultation from 1st Foreclosure Prevention and got the foreclosure help that we needed. We did not have to file bankruptcy and the loss mitigation experts were able to work out a deal with our bank. Now our credit is back to where it was before we bought the property - thanks to this company."
"The bank was actually selling our house right out from under us! I didn't think it was possible, but we live in a state where the bank can start selling your home if you do not pay your mortgage. So we got a notice that they were selling and didn't know what to do. We weren't even sure we wanted to live there anymore as it was worth a lot less than what we paid for it. But we had no idea about the impact foreclosure has until we learned about it from a friend. We did want to be able to get a fresh start and didn't want a foreclosure haunting us for years to come. So we contacted 1st Foreclosure Prevention and they were able to help us stop foreclosure. They stopped the sale and then helped us sell our house. They really ended up saving us."
"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."
Home /Stop FHA and VA Foreclosures
Stop FHA and VA Foreclosure
Do you want to stop foreclosure of an FHA or VA loan? This may seem like a painful process, but it is easier to do than you think. Fortunately, there are more resources available to you than you understand that can help you stop foreclosure from government backed loans by the VH or FHA. You can talk to loss mitigation specialists who will help you stop FHA foreclosures as well as other government backed foreclosure help such as the FHA Secure Program.
What Makes An FHA And VA Loan Different
One of the aspects that make the FHA loan different is the fact that the loan has been backed by the Federal Housing Authority. This is a loan that is usually available to first time home buyers and allows you to put down less than the standard 20 percent on your property. It is different because the Federal Housing Authority is guaranteeing the loan. Another thing that makes the FHA loan different is that the interest rate is lower. Although it may seem difficult to stop foreclosure of FHA property, it is not. Take the following tips to get foreclosure help to stop an FHA or VA foreclosure:
How To Stop Foreclosure Of FHA Mortgage
If you have an FHA mortgage, you may have more options open to you to stop foreclosure on your property. You can talk to your lender or someone at the National HUD servicing center about the loss mitigation options that are available to you when it comes to stopping the foreclosure process of an FHA loan. Your loss mitigation specialist should be well versed in the FHA program and be able to help you deal with HUD. They should also understand about obtaining an FHA Partial Claim on the property that is basically an interest free loan that brings your mortgage current if you are between 4 and 12 months behind on your payments. In most cases, the payment will not be due to repay the HUD partial claim until you sell your property. This can be an excellent way that you can stop foreclosure from happening to you if you have an FHA Mortgage.
How Can I Stop Foreclosure Of VA Loan
A VA loan is backed up by the Veteran’s Administration. In order to qualify for a VA loan, you have to be a veteran of the armed forces. Because this is an agency that insures loans through the government agency, they have counselors who can help you stop foreclosure of a VA loan. Like the FHA, they will require that you complete a series of forms to get the process going and you can also file a partial claim if you have a VA loan to stop foreclosure.
How To Stop Foreclosure
The FHA and other government agencies can give you some help, but the amount of foreclosure help that they can give you is limited and they are very understaffed. It can take them months to take action and by that time, you may already be embroiled in the foreclosure process. For this reason, you are better off to seek a free foreclosure evaluation from loss mitigation specialists who can help you with ways that you can stop foreclosure.
Forbearanc
A forbearance is requested with an FHA loan when you cannot pay the money but will be able to do so in the future. For example, if you lost your job but are due to start a new one, a forbearance can stop foreclosure of an FHA loan temporarily. It will freeze up the loan payments until you are able to pay them, usually for a few months. It is not a permanent solution to stop foreclosure, but can put a halt to the foreclosure process.
Repayment
One way to stop foreclosure is to repay the amount due on the mortgage and bring your loan current. You can do this by getting a third party loan, a second mortgage or a refinance. However, this is often just a temporary fix as a way to stop foreclosure from happening to you and does not avoid foreclosure in the long run.
Refinance
This is foreclosure help that will entail you getting another loan to pay off your existing loan. Then you will owe on the new mortgage. It is easier said than done, especially if you are behind on your mortgage. However, it is merely a way to stave off foreclosure of an FHA loan, not a way to stop foreclosure completely. In some cases, it can help you save your home from foreclosure if you can afford lower monthly payments.
Sell To Stop Foreclosure
One of the best options is to sell your property before you go into foreclosure. This makes it easier to sell and can help you get out of a bad debt. Many loss mitigation specialists will give you a free foreclosure evaluation to see if you qualify for the short sale. Talk to your loss mitigation expert for a free foreclosure consultation to see if this will work for you to stop foreclosure.
Deed in Lieu of Foreclosure
This is when you basically turn over the deed to your property to your lender in exchange for them accepting the property as repayment of your mortgage. You should then receive a release of mortgage. You loan will reflect as a paid debt on your credit. This is a good way to stop foreclosure if you want to preserve your credit, have only a little bit of equity in your property and are willing to walk away from the deal.
In order to find out more about your options to stop foreclosure of FHA loans, call 866-477-7750 or click here and get your free foreclosure consultation.
