:: Free article content
Authors: Maximum article exposure. Publishers: Reprintable article content.
Featured Articles
Recently Added Articles
Most Viewed Articles
Article Comments
Advanced Article Search
Submit Article
Check Article Status
Author TOS
RSS Article Feeds
Terms of Service

Foreclosed Homes: What You Can Do
Home Home Real Estate
By: Joseph B. Smith Email Article
Word Count: 402 Digg it | it | Google it | StumbleUpon it


With the rising number of foreclosed homes in the market and the growing anxiety on the part of troubled homeowners who have started missing their mortgage payments, it is easy to lose hope and think that there is no longer a way out of this problem. And everybody seems to think that once a person missed a mortgage payment, foreclosure is already inevitable. This assumption is definitely baseless. Missing a payment will not automatically deprive you of your home ownership. In fact, you can even use this challenge and turn it into an opportunity for you to save more money.

Immediate Actions

When you miss a payment, the bank will usually send you a notice of default indicating that you have unpaid obligation. Your bank would not immediately institute a foreclosure action against you but would even allow you to update your account within a specific period. Only when you have failed to satisfy this requirement will the bank try to file a foreclosure against you.

But even prior to this, you can already something about your situation. Foreclosed homes are not really desired by many banks since they ultimately mean a string of bad lending decisions. So the bank would actually try to work with you to alleviate your situation. As soon as you realize that you will not be able to meet a payment schedule, it is highly suggested that you already contact the bank and explain your situation. Banks are used to borrowers asking for a workout program and you are not an exception. Do not be embarrassed about admitting your predicaments. The stakes are too high for you to get your pride in the way.

The bank would then try to get your financial data so that they could assess your current credit. The bank will have to determine your debt to income ratio so that they could ascertain which program would be best for you. Depending on the outcome of their evaluation, they can propose a workout plan for you that will best suit your financial condition. Among the things the things that you can try to ask them about is the possibility of cutting your interest rate, extending your amortization, and distributing your missed payments over a certain period. All these will help you keep your home and avoid for it becoming one of those foreclosed homes.

Joseph B. Smith has been educating buyers on the finer points of foreclosed homes at for over five years. Contact Joseph B. Smith through if you need help finding information about foreclosed homes.

Article Source:

This article has been viewed 313 times.

Rate Article
Rating: 0 / 5 stars - 0 vote(s).

Article Comments
There are no comments for this article.

Leave A Reply
 Your Name
 Your Email Address [will not be published]
 Your Website [optional]
 What is three + nine? [tell us you're human]
Notify me of followup comments via email

Related Articles

Copyright © 2020 by All rights reserved.

Terms of Service | Privacy Policy | Contact Us | Submit Article | Editorial