In or near foreclosure? ‘Dollars to donuts’ you have been sucked in by one or more of the plethora of mortgage refinance advertising campaigns. You have been told, ‘we can get you a loan’ to stop foreclosure! “Great news, Honey! The guy said he can get us a new loan!”, or, something similar goes out on all closely connected cells, right?
You got all over this opportunity immediately, and now you are waiting. This is going to be soooo cool, you are thinking! But, out of the corner of your eye, as you wait for the big word from a new lender, you see the foreclosure notices are piling up and the messages on your cell from your old lender keep coming in. You call your mortgage broker, and he says, “…should be any day now! Just sit tight.”
I have literally watched several thousand delinquent homeowners as they clung blissfully to their little foreclosure life rafts, all named ‘HOPE’ by some strange coincidence, in the exact same circumstance you are in at the moment. I am going to spare you the blow by blow, because it is the ssme story at least 98% of the time. In the end, and believe me it is always near the end, our hapless homeowners get the straight story. “The lender said that you didn’t have enough enough equity (42% to 50% is usually required in a residential foreclosure to qualify, or your credit is not good enough for us to approve you for a loan at this time! By now there is usually less than 10 days left before the dreaded sheriff’s sale!
Go there if you must, but not unless you have adopted the slogan, Stop Foreclosure Now and put U-Stop Foreclosure’s “7 Easy Steps” and Foreclosure Crisis Team support resource to work for you as a ‘fail safe’ back-up.