Comments on: Falling behind on your mortgage payments? Here are 7 options you need to know about to avoid foreclosure. http://blownmortgage.com/2007/07/11/falling-behind-on-your-mortgage-payments-here-are-7-options-you-need-to-know-about-to-avoid-foreclosure/ #1 Free Home Loan Modification & Debt Relief Help For US Home Owners - Truths, Facts & News About the Mortgage Industry Sat, 07 Nov 2009 02:53:18 -0700 http://wordpress.org/?v=2.8.3 hourly 1 By: M Petrone http://blownmortgage.com/2007/07/11/falling-behind-on-your-mortgage-payments-here-are-7-options-you-need-to-know-about-to-avoid-foreclosure/comment-page-1/#comment-14174 M Petrone Sat, 17 Jan 2009 21:57:32 +0000 http://blownmortgage.com/2007/07/11/falling-behind-on-your-mortgage-payments-here-are-7-options-you-need-to-know-about-to-avoid-foreclosure/#comment-14174 Currently, mortgage rates are at or near all time lows across the country. This is a great chance for homeowners to consider <a href="http://www.refinancingcondo.com" rel="nofollow">refinancing</a> their home mortgage and save thousands of dollars. Great site you have here.... Im going to bookmark it and come back. Thanks! Currently, mortgage rates are at or near all time lows across the country. This is a great chance for homeowners to consider refinancing their home mortgage and save thousands of dollars. Great site you have here…. Im going to bookmark it and come back. Thanks!

]]> By: Sean http://blownmortgage.com/2007/07/11/falling-behind-on-your-mortgage-payments-here-are-7-options-you-need-to-know-about-to-avoid-foreclosure/comment-page-1/#comment-10822 Sean Sun, 13 Apr 2008 15:19:27 +0000 http://blownmortgage.com/2007/07/11/falling-behind-on-your-mortgage-payments-here-are-7-options-you-need-to-know-about-to-avoid-foreclosure/#comment-10822 The paragraph on Bankruptcy above is a bit misleading as it implies that Bankruptcy stops foreclosure which is absolutely not true. Bankruptcy temporarily "stays" foreclosure - in most cases just postponing the inevitable. All the lender needs to do to lift the stay and finish the foreclosure is to file a motion. It may buy the homeowner and extra month or two in the home, but Bankruptcy will stay on their credit report for 10 years, foreclosure only 7. There are still times Bankruptcy may help. If the reason you can't make your payments is because of wage garnishments, collection efforts, medical bills, etc it may be an effective tool. Or if you really do just need need to buy a couple of extra months of time to wait for paychecks from a new employer. But these situations are RARELY the case. 90%+ of the foreclosures today are folks that can't afford their home under any circumstances, or have negative equity and have decided to walk away. For these folks Bankruptcy should be avoided. The paragraph on Bankruptcy above is a bit misleading as it implies that Bankruptcy stops foreclosure which is absolutely not true. Bankruptcy temporarily “stays” foreclosure – in most cases just postponing the inevitable. All the lender needs to do to lift the stay and finish the foreclosure is to file a motion. It may buy the homeowner and extra month or two in the home, but Bankruptcy will stay on their credit report for 10 years, foreclosure only 7.

There are still times Bankruptcy may help. If the reason you can’t make your payments is because of wage garnishments, collection efforts, medical bills, etc it may be an effective tool. Or if you really do just need need to buy a couple of extra months of time to wait for paychecks from a new employer. But these situations are RARELY the case. 90%+ of the foreclosures today are folks that can’t afford their home under any circumstances, or have negative equity and have decided to walk away. For these folks Bankruptcy should be avoided.

]]> By: Avoid Foreclosure with these 7 alternatives http://blownmortgage.com/2007/07/11/falling-behind-on-your-mortgage-payments-here-are-7-options-you-need-to-know-about-to-avoid-foreclosure/comment-page-1/#comment-10787 Avoid Foreclosure with these 7 alternatives Sat, 12 Apr 2008 17:10:29 +0000 http://blownmortgage.com/2007/07/11/falling-behind-on-your-mortgage-payments-here-are-7-options-you-need-to-know-about-to-avoid-foreclosure/#comment-10787 [...] Hall of Fame.  Originally published in July 2007 (apparently a good month for blogging) it covers 7 alternatives to foreclosure if you’re behind on your mortgage payments. I’m definitely on my way back home at this point - see you [...] [...] Hall of Fame.  Originally published in July 2007 (apparently a good month for blogging) it covers 7 alternatives to foreclosure if you’re behind on your mortgage payments. I’m definitely on my way back home at this point – see you [...]

]]> By: Thomas Gemelli http://blownmortgage.com/2007/07/11/falling-behind-on-your-mortgage-payments-here-are-7-options-you-need-to-know-about-to-avoid-foreclosure/comment-page-1/#comment-10427 Thomas Gemelli Wed, 19 Mar 2008 17:52:42 +0000 http://blownmortgage.com/2007/07/11/falling-behind-on-your-mortgage-payments-here-are-7-options-you-need-to-know-about-to-avoid-foreclosure/#comment-10427 I am fighting not to loose my home to forecloser. I am 3 months behind and as of April 1 i will be 4 months behind. i have received a letter from my bank stating if i do not get current with my loan by April they will start forecloser. Is there anything i can do please help i do not want to lose my home. I am fighting not to loose my home to forecloser. I am 3 months behind and as of April 1 i will be 4 months behind. i have received a letter from my bank stating if i do not get current with my loan by April they will start forecloser. Is there anything i can do please help i do not want to lose my home.

]]> By: Calvin Payne http://blownmortgage.com/2007/07/11/falling-behind-on-your-mortgage-payments-here-are-7-options-you-need-to-know-about-to-avoid-foreclosure/comment-page-1/#comment-5078 Calvin Payne Tue, 09 Oct 2007 10:02:14 +0000 http://blownmortgage.com/2007/07/11/falling-behind-on-your-mortgage-payments-here-are-7-options-you-need-to-know-about-to-avoid-foreclosure/#comment-5078 To Whom It May Concern: I do appreciate all the information in this article, and I must admit this is a very depressing time for me and my wife. Presently we're faced with a hard reality, because of me wanting a house that we could call home along with not having the type of credit needed. So we made the purchase under my wife's name, at that time we had a good amount of money in our savings account. Just starting a business that I knew was going to do well, it was my own projected forecast. I convinced myself and my wife that instead of putting down half of the selling ($128,000) price, to go with the bear minimum. On top of that I thought the best way of making sure we got the mortgage was to do a Stated Loan-Interest Only with a 2-year Arm. WOW!...and now it's about to blow up in our face. Months ago we tried heading this off thinking that a refinance would do the trick. But not so with our credit, and then after two years my e-Commerce business started failing, we just don't look that good on paper. But during the 2 years in our house we never missed or were late with a mortgage payment. So now, what can we do??? What are our options??? What will it really cost us to move out and into an apartment??? If you can HELP please contact us, thanks for listening to our situation. C. P. tce-cp@myway.com To Whom It May Concern:

I do appreciate all the information in this article, and I must admit this is a very depressing time for me and my wife.

Presently we’re faced with a hard reality, because of me wanting a house that we could call home along with not having the type of credit needed. So we made the purchase under my wife’s name, at that time we had a good amount of money in our savings account.

Just starting a business that I knew was going to do well, it was my own projected forecast. I convinced myself and my wife that instead of putting down half of the selling ($128,000) price, to go with the bear minimum. On top of that I thought the best way of making sure we got the mortgage was to do a Stated Loan-Interest Only with a 2-year Arm.

WOW!…and now it’s about to blow up in our face. Months ago we tried heading this off thinking that a refinance would do the trick. But not so with our credit, and then after two years my e-Commerce business started failing, we just don’t look that good on paper. But during the 2 years in our house we never missed or were late with a mortgage payment.

So now, what can we do??? What are our options??? What will it really cost us to move out and into an apartment???

If you can HELP please contact us, thanks for listening to our situation.

C. P.
tce-cp@myway.com

]]> By: Your Credit is Crucial - It Determines Your Refinance and Home Purchase Options at Blown Mortgage http://blownmortgage.com/2007/07/11/falling-behind-on-your-mortgage-payments-here-are-7-options-you-need-to-know-about-to-avoid-foreclosure/comment-page-1/#comment-628 Your Credit is Crucial - It Determines Your Refinance and Home Purchase Options at Blown Mortgage Tue, 24 Jul 2007 06:52:34 +0000 http://blownmortgage.com/2007/07/11/falling-behind-on-your-mortgage-payments-here-are-7-options-you-need-to-know-about-to-avoid-foreclosure/#comment-628 [...] position.  At that point improving your credit will not help you find new financing.  Please see my post on avoiding foreclosure for recommendations to manage that [...] [...] position.  At that point improving your credit will not help you find new financing.  Please see my post on avoiding foreclosure for recommendations to manage that [...]

]]> By: Morgan Brown http://blownmortgage.com/2007/07/11/falling-behind-on-your-mortgage-payments-here-are-7-options-you-need-to-know-about-to-avoid-foreclosure/comment-page-1/#comment-453 Morgan Brown Fri, 13 Jul 2007 03:32:47 +0000 http://blownmortgage.com/2007/07/11/falling-behind-on-your-mortgage-payments-here-are-7-options-you-need-to-know-about-to-avoid-foreclosure/#comment-453 Thanks Kaye - I'm glad you found it useful and I hope that readers of your blog do as well!! Thanks Kaye – I’m glad you found it useful and I hope that readers of your blog do as well!!

]]> By: Kaye Thomas http://blownmortgage.com/2007/07/11/falling-behind-on-your-mortgage-payments-here-are-7-options-you-need-to-know-about-to-avoid-foreclosure/comment-page-1/#comment-451 Kaye Thomas Fri, 13 Jul 2007 02:55:15 +0000 http://blownmortgage.com/2007/07/11/falling-behind-on-your-mortgage-payments-here-are-7-options-you-need-to-know-about-to-avoid-foreclosure/#comment-451 Morgan .. I love this and will be referring to it in a post on my Manhattan Beach Blog.. Morgan .. I love this and will be referring to it in a post on my Manhattan Beach Blog..

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