Avoiding Foreclosure
From our local CBS tv station, WBTW
Monday, Jan 14, 2008 - 06:35 PM
By Michelle Carolla
E-mail Biography
Across the country the foreclosure rate remains high. If you're facing foreclosure, there are options. It may seem like there's nothing you can do if you're multiple months behind on your home mortgage payments. Fortunately, you can possibly fix the problem with a little help.
We asked mortgage advisor Bill Blackburn of Myrtle Beach for some advice. He said the most important thing you can do is address the problem.
“If you're not responding to the letters, you're not responding to the phone calls, what is a lender to do? They're going to turn it over to the collection department,” said Blackburn. The collection department is going to turn it over to an attorney." This will tack on attorney fees and more penalties.
Some of the options to avoid foreclosure include:
Reinstating your loan--This is paying your past due amount in a lump sum.
Forbearance--This allows you to delay payments for a short time.
Repayment--can allow you to catch-up by adding a dividing the past due amount and adding to new payments.
Along the Grand Strand area, foreclosures are mainly affecting the investor market. The average home price is also holding steady at $271,000 dollars and not falling like many areas of the country. Even with homes staying on the market longer, industry experts say the resort area status is once again helping the grand strand.
If your loan is with the Veterans Association or HUD, they offer counseling services that will look at your particular situation.
VA Regional Loan Centers-- 1-800-827-1000
You may receive mail or calls from companies looking to buy your house or loan. Make sure to check them out thoroughly with the Better Business Bureau and ask for references.
The other fallout of the foreclosure market is bad credit. Non-profit credit counseling agencies can assist you with repairing your credit.
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If you are interested in finding foreclosures in Myrtle Beach or attending a real estate auction, visit our website for Myrtle Beach Real Estate for Sale.
Monday, Jan 14, 2008 - 06:35 PM
By Michelle Carolla
E-mail Biography
Across the country the foreclosure rate remains high. If you're facing foreclosure, there are options. It may seem like there's nothing you can do if you're multiple months behind on your home mortgage payments. Fortunately, you can possibly fix the problem with a little help.
We asked mortgage advisor Bill Blackburn of Myrtle Beach for some advice. He said the most important thing you can do is address the problem.
“If you're not responding to the letters, you're not responding to the phone calls, what is a lender to do? They're going to turn it over to the collection department,” said Blackburn. The collection department is going to turn it over to an attorney." This will tack on attorney fees and more penalties.
Some of the options to avoid foreclosure include:
Reinstating your loan--This is paying your past due amount in a lump sum.
Forbearance--This allows you to delay payments for a short time.
Repayment--can allow you to catch-up by adding a dividing the past due amount and adding to new payments.
Along the Grand Strand area, foreclosures are mainly affecting the investor market. The average home price is also holding steady at $271,000 dollars and not falling like many areas of the country. Even with homes staying on the market longer, industry experts say the resort area status is once again helping the grand strand.
If your loan is with the Veterans Association or HUD, they offer counseling services that will look at your particular situation.
VA Regional Loan Centers-- 1-800-827-1000
You may receive mail or calls from companies looking to buy your house or loan. Make sure to check them out thoroughly with the Better Business Bureau and ask for references.
The other fallout of the foreclosure market is bad credit. Non-profit credit counseling agencies can assist you with repairing your credit.
##
If you are interested in finding foreclosures in Myrtle Beach or attending a real estate auction, visit our website for Myrtle Beach Real Estate for Sale.
Labels: foreclosure, myrtle beach investment real estate, myrtle beach real estate, real estate auction company
posted by Myrtle Beach Condo Store at
8:35 PM
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