"We were really behind on our mortgage and getting calls all of the time from the lender who wanted their money. We didn't know what to do and thought that we would have to go through a foreclosure. We knew that this happened to other people, but didn't think it would happen to us. But I had been sick for a while and off work. The medical bills took all of our savings and we even had to refinance to pay off the hospital. We contacted 1st Foreclosure Prevention and were really impressed with their service. They were able get the calls to stop as well as the foreclosure process while we worked with them on all of our options on what we wanted to do. We decided to sell our home and move on. Thanks to them, we have another home and are not struggling any more."
"I really thought that there was nothing you could do to stop foreclosure once it started. I was wrong. I found out that a borrower has plenty of rights and can get foreclos"
"When we found out that our house was worth a lot less than what we paid for it, we were pretty upset. We thought we had made an investment when we purchased our property, but as it turns out, it was a poor investment. We wanted to get out of the house but couldn't even sell it. We thought about just giving it to the bank, but they didn't want it. We had no idea what to do, but then I found out about 1st Foreclosure Prevention. They were able to give us the foreclosure help that we needed and even helped us with the short sale process. We were able to walk away from a bad investment with hardly any damage to our credit thanks to them."
"I'm really glad that 1st Foreclosure Prevention was able to help me with my mortgage problems. I was already in the foreclosure process when I called them for a free foreclosure evaluation. They were really nice and explained a lot of things to me that I didn't know, including how to stop foreclosure. I didn't even know that I could do that! They were able to work out a deal with my bank so that I was able to keep my home and pay less on the mortgage. Now I am able to afford my home and even save a little money, thanks to this company. I can't say enough good things about them."
"After my husband died, I couldn't the mortgage payments at all on our home. I didn't know what to do and had tons of medical bills. I was at my wits end and was struggling just to get up in the morning because the foreclosure was making me so depressed. I had no idea what to do and was just going to let the bank take the house since I couldn't afford the payments. A friend told me about 1st Foreclosure Prevention. I contacted them and they gave me a free foreclosure evaluation and told me what I could do to keep my home. They negotiated with my lender for me and helped me stop foreclosure. Best of all, they relieved my mind from worry. They were very nice and really knew how to give me foreclosure help. Thank you."
"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."
Home / Stop Hybrid Mortgage Foreclosure
Stop Hybrid Mortgage (ARM) Foreclosure
May homeowners began taking out hybrid mortgages between 2005 and 2006 as a way to buy homes that would have been out of their price range if they purchased using a conventional mortgage rate. Many people refinanced their mortgages with hybrid mortgages between these years as well as they offered low, attractive rates and an affordable way to borrow money. Hardly a day went past during those years that a homeowner didn’t receive a notice on saving money on a refinance or new mortgage.
Many people opted for hybrid mortgages that had a low steady rate for the first two or three years, thinking that the interest rate would remain the same or that they would be in a better financial position in 2 or 3 years. Unfortunately, the bottom dropped out of the housing market in 2007 and many people not only found their mortgage payments rising, but also found that they owed more on their house than it was worth.
Hybrid Mortgage - Tips To Stop Foreclosure
If you have received a notice that your hybrid mortgage is due for reset (including the 2/28 mortgage, 3/27 loan, 3/1 ARM or 5/1 ARM) then you need to take a look at the following tips on how to stop foreclosure if you have a hybrid mortgage. Contact our loss mitigation specialists and get a free foreclosure evaluation from someone who is familiar with these types of loans and can give you the foreclosure help that you need.
Refinance The Mortgage
If you have enough money to pay the mortgage and do not owe more than the house is worth, refinancing the mortgage is an option. You can refinance the mortgage into a fixed rate mortgage that may be higher than you are paying now, but you will be able to stop foreclosure and save your home. This option to stop foreclosure should only be considered if you are comfortable paying the higher rate and do not owe more than the home is worth.
Stop Foreclosure With A Loan Modification
Your loss mitigation specialists can tell you how you can even get some government assistance with a hybrid mortgage if you choose to modify the terms of the loan. This usually entails lengthening the term of the loan to make your payments less each month. You should consider this if you have a non FHA ARM mortgage, if you can continue to make the same payments each month less about 40 percent and want to keep your home. When you get a free foreclosure consultation from loss mitigation agencies, they can tell you how to stop foreclosure of your hybrid mortgage with a loan modification.
Regarding the government assistance, there are many stipulations that are included in this program. You must have 3 percent equity, you must not have had any late payments for 6 months prior to the reset, you must be able to prove that the reset is what caused the late payments and be able to afford your new mortgage. Also, the loan balance cannot be more than $360,000 and the reset has to occur before December 31, 2008 in order to be eligible for government assistance.
However, even if you do not meet this criteria, loan modification experts can help you work out a loan modification to save your home from foreclosure in some cases.
Sell The Home Prior To Foreclosure
Loss mitigation specialists will be able to advise you on this stop foreclosure option that will work to stop foreclosure, allow the debt to be reflected as a paid debt on your credit report and allow you to walk away from the bad debt and get a new start on life. This is also known as a pre-foreclosure sale or short sale. You should get a free foreclosure consultation to see if you are eligible for the short sale, foreclosure help that can really help you get out of any type mortgage, no matter where you are in the mortgage process.
If you want to walk away from this situation and have the opportunity to start new, the pre-foreclosure sale or short sale can give you foreclosure help. The short sale can stop foreclosure no matter what type of loan you have and allow you to move on.
Deed-In-Lieu of Foreclosure
This is when you basically ask the lender to take the home from you without pursuing foreclosure. This may work in some cases, but in others it will not. It can also be frustrating to try to get a lender to understand what you mean as you may be directed to dozens of people before you even reach the foreclosure department. In most cases, you are better off presenting them with the short sale as many lenders do not want yet another foreclosure on their books. However, in some cases, this is an option to stop foreclosure.
File Bankruptcy
This should be the very last thing you even consider and certainly not until you have exhausted all other options as bankruptcy destroys your credit, costs money to file and can have a negative impact on your life for 10 years or more. You should do what you can to avoid bankruptcy just as you are doing to stop foreclosure.
If you have a hybrid mortgage that is heading for foreclosure or in the foreclosure process, you need the help of expert loss mitigation specialists who can work with you to stop foreclosure and in some cases, save your home. Get your free foreclosure evaluation today and stop foreclosure of your hybrid mortgage.
