t is very unfortunate that predicted by many to rise even
about half of Southern more.
Californian home owners are
having issues paying their Once your lender starts the
mortgages. Some homeowners are foreclosure process it becomes
having to adjust to a spike in public information. Any company
the adjustable-rate and they can then approach the homeowners.
cannot handle it. For many that's How do you know what companies to
a 20 percent to 30 percent use. This is a very stressful
increase in their home loan time so here are some tips that
repayments! Insane, isn't it, how will help you. Don't pay any
many of us could really manage an kind of initial fee, if a company
increase of that size without any asks for a fee upfront that's
financial problems? The real illegal. Before signing anything
problem here is now the loans or handing over any money please
were sold, most if not all loan check with the Better Business
offices fail to tell you what Bureau (visit will happen when the “fixed rate href="http://www.labbb.org"
period” comes to an end all they title="http://www.labbb.org"
really care about is their target="_blank">commission on your loan. color="#001000"
size="-2">http://www.labbb.orgIn Los Angeles County alone the ont>) to see if there are any
rise in foreclosures went up 5% complaints against that company.
and thats been the third spike in You should never have to pay a
the past three months. In Orange company for steps that you can
County, the rate rose to 9%, in take yourself, like postponing or
Riverside it rose a very dramatic suspending payments.
52%. The scary thing is that
these foreclosure rates are It's not all doom and gloom there
are ways that will enable you to all that will do is delay the
avoid foreclosure and keep that final outcome and put you deeper
roof over your head. If you are in debt. For those of you with
taking some time off like a leave bad credit be prepared for high
of absence, unpaid vacation or interest rates. Seek credit
you lost your job then contact counseling there are a few free
your lender and negotiate a lower resources. The federal housing
payment. Explain to them what the department can be reached at
situation is and see if you can (800) 569-4287 and they can
be granted extra time to pay. recommend some good agencies.
Better yet ask for a temporary There is a really good nonprofit
suspension of payment, a payment organization that will make
reduction, or a repayment plan. recommendations that could help
The important thing here is that you called Homeonwnership
you contact your lender as soon Preservation Foundation. They can
as possible. If you wait to long be reached at (888) 995-HOPE.
they are less likely to There is another nonprofit called
negotiate. Instead of foreclosing ByDesign Financial Solutions and
ask if your lender can extend the they can be reached at (800)
loan and lower the payments. 750-2227. When calling either one
Don't jump from the frying pan of these, you should mention a
into the fire by taking out a default notice.
second mortgage you can't afford,
About the Author:
http://www.CarlHampton.com
http://www.fcdtcm.com
Read more articles by:
Carl Hampton
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