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How to stop a foreclosure in Amarillo. Amarillo home owners facing foreclosure fight back against greedy banks.

Wednesday, July 28th, 2010

A new day has dawned in the land of bank foreclosures.  Homeowners are arming themselves with information and fighting to prevent foreclosure and keep their homes.

In the past, many homeowners simple ignored letters from their bank and watched helplessly as their house was auctioned off.  Well not any more.  With all of the free information available on the internet, homeowners now have turned the tables on banks.

As it turns out, homeowners now have more rights than ever before.  A great majority of those who fight back actually achieve some level of success.  Many are able to keep their homes and avoid a foreclosure all together.  Foreclosure help is just a click or phone call away.

We work with people facing foreclosure in Amarillo and Canyon.  What we have seen lately has been amazing.  People are educating themselves and fighting back.  And they are getting great results.  It has made our jobs so much easier.

We start out by helping educate homeowners on their foreclosure rights.  In the past, we had to really try to educate people and then get them to take action.  Now we just point them in the right direction.

We help people avoid foreclosure in one of two ways.  First we show people how to do a loan modification or a forbearance agreement so that they can keep their house.  We don’t charge anything for this.  If that doesn’t work we can then offer to buy the house so that the homeowner doesn’t end up with a foreclosure on their credit.  Even if they owe too much we can usually still work a short sale with the bank and get it done.

When it comes to stopping a foreclosure, the creative possibilities are endless.  Where there is a will, there is a way.  It is important to start by understanding the foreclosure process.  This is a very important first step.  In the end, most experts agree that homeowners have 5 basic options to choose from.

1. BRING THE LOAN CURRENT

This is also known as a reinstatement.  It means that the loan is brought current by paying the total amount past due.  Most banks will help you find a way to do this if you are able to start making payments and can afford to pay extra towards the amount you are still behind.

2. WORK OUT A FORBEARANCE PLAN.

Think of this as pressing a giant pause button.  A forbearance agreement is a formal, written agreement between you and the bank to reduce or suspend monthly payments for a specific period of time.

3.  WORK OUT A LOAN MODIFICATION WITH THE BANK.  A Loan Modification is when the bank agrees to change the original terms of the loan.  This gets the loan reinstated and lowers the monthly payments.  If the mortgage is an adjustable loan, the lender might freeze the interest rate before it increases or even lower the rate.  A lender might also extend the amortization period.  Loan Modifications are a great way you to permanently lower their house payments and keep their house.

4. SELL THE HOME

If you have enough time to work and there is equity in the property  you can sell your house to a homeowner.  If there is not enough time or equity you can sell your home to an investor.  Many times it may be necessary to do a short sale.  In a short sale transaction, a bank agrees to allow a homeowner to sell a house for less than the balance of the note.  In return, the homeowner is released from any liability.

5. FILE FOR BANKRUPTCY

It is important to understand that a bankruptcy does not prevent foreclosure by itself.  It only delays the foreclosure process.  If you cannot resume making regular payments then a bankruptcy just buys you more time.  This option is only good if your financial situation is about to improve.  Make sure to find a good bankruptcy attorney if you choose to file for bankruptcy.  Even then, proceed with caution.  Many bankruptcy attorneys who are out to make a fast buck will often recommend bankruptcy even though other options are available.   Homeowners sometimes end up losing the house in the end any way because they still can’t afford the payments.  Now they have a foreclosure and a bankruptcy on their credit.

If I could tell homeowners one thing, it would be to just take some form of action.  There are still a lot of people who just wait until there is no time left.

Amarillo homeowners looking to stop foreclosure, or wanting foreclosure assistance can call us at 806-359-7653 for a free consultation. We offer solutions such as loan modifications, short sales, aggressive listings, cash offers, and a variety of other services.  We educate homeowners on the foreclosure process.  To learn more about how you can avoid foreclosure and save your home and credit get a copy of our free report “5 Fastest Ways to Stop Foreclosure” at http://sellmyamarillohouse.com/foreclosure.php Or better yet, just pick up the phone and call us today!

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Contact Information

4105 SW 34th St, Amarillo, TX 79109 | 806-359-7653

wade@mitchellpropertygroup.com | emmy@mitchellpropertygroup.com