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Avoid Foreclosure with these 7 alternatives

Started by morganb · 1 year ago

This post is from the Blown Mortgage 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 soon.

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7 comments

  • Bob

    1 year ago

    You forgot Yield Spread Premium (YSP). The kick-back scheme to mortgage brokers from the bank for getting you into a higher interest rate loan than you qualify for.
    reply
  • Toby

    1 year ago

    These are all well and good, but in my experience the lenders and servicers have been grossly understaffed to deal effectively with these strategies. In the squeeky wheel gets the grease philosophy the lenders only seem to want to deal with people when they are at the cusp of foreclosure, often when it is too late.
    reply
  • Tax Lien Properties

    1 year ago

    I have a real problem with the government taking money out of my check to give to someone that made a bad choice and bought more house than they can afford. I also have a problem with my tax dollars being used to bail out billion dollar corporations.

    There is a thing called personal choice and people should be responsible for it.
    reply
  • morganb

    1 year ago

    i agree 100% - how many other good things could our tax dollars go to if we
    weren't bailing out wall street and main street gamblers?
    reply
  • cgwiley

    1 year ago

    Selling you home to me is the best bet, and you can do the short sale, or if you have some equity in the home you can find an investor to purchase the house from your for what is owed on the house. Get our from under the property will save you stress and your credit.
    reply
  • UniqueSituation

    7 months ago

    Quick question. How do you find a "good" real estate attorney who specializes in foreclosures? Is there a place where they are rated? Thanks!
    reply
  • morganb

    7 months ago

    Hi,

    I don't know of a place that rates them, but you might check out http://www.loanworkout.org/ and http://www.iamfacingforeclosure.com/ to get a start.

    Best,
    Morgan
    reply

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