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Are you desperately searching Google for “foreclosure help near me?” If so, you, unfortunately, are not alone. Last year was not easy for many, many people with cities and states across the country limiting movement on individuals due to COVID-19 and thereby limiting their ability to work and for businesses to gainfully employ individuals in “non-essential” positions. While such restrictions were undoubtedly important in limiting the spread of the disease, it has led many to look for foreclosure help near me or near them as they struggle to continue to repay their debts. Other reasons for needing foreclosure help include a medical emergency, unexpected loss, or other events that caused a financial disruption.
The good news is that you do not have to give up. You don't have to search for foreclosure lawyers and can instead work with the top ten mortgage lenders in your area to find an alternative like refinancing. In fact, there are a lot of mortgage foreclosure alternatives available to you. Let's take a look at the following:
Mortgage Foreclosure Alternatives Every Homeowner Needs to Know About
Rent out a room. This seems like an obvious move but you'd be surprised at how many overlook such a simple option on their list of mortgage foreclosure alternatives. Clearing out an office or the guest bedroom for use by a tenant is a good way to earn the extra money you need to cover your mortgage. Depending upon where you live, the accepted rental rate for your extra bedroom may even cover the entirety of your mortgage.
Refinance. Refinancing with one of the best ten mortgage lenders in your area is a great way to bring your insurance rate down and lower your monthly payments to a price you can then afford. Note, to refinance you will need a decent or good credit rating and a significant amount of equity in your home.
Work with your current lender on forbearance or loan modification. These are hard times and as such, more mortgage lenders than ever are open to working with their clients. After all, they don't want to lose the investment they've made in your home either. So before reaching out to any of the new top ten mortgage lenders, reach out first to your existing lender. Ask about a forbearance which essentially hits pause on your payments as you regroup your finances. Or you can also request a loan modification that may take the form of an increased term or adjusted interest rate. Nervous about starting this conversation? Just remember that the worst your lender can say is no and if they do, then you have other mortgage foreclosure alternatives like the above.
For the past ten years Mr. Abraham has been involved in the Residential and Commercial mortgage business. He has saved hundreds of homes through successful loan modifications and helping to reverse the effects of foreclosure and default mortgages for his clientele. His history for years has been with financial development organizations and institutions that assisted clients with home, business, and personal financial development.
During the recent real estate bust, Abraham has assisted homeowners in working directly with the banks to save their homes. Today he is the Principal in Document Preparation Consultants, and educational and consulting online center developed to help homeowners save their own homes and to educate them on the loan modification process.
Mr. Chaloupka has over 25 years of experience in real estate investing and financing. Brian’s knowledge encompasses strategies such as wholesaling, fix and flips, fix and holds, turnkey investment properties, owner financing, mortgage notes, lending, and others.
Most recently, Brian has specialized in helping distressed homeowners with real estate solutions and offering affordable housing to those that would otherwise not be able to qualify for institutional financing.
Brian resides in San Antonio, Texas but actively invests nationwide.
Shadeed started his career off as a loan officer in 1999. He later transitioned to loan modifications during the mortgage melt down. After experiencing a lack of alternatives to mortgage modifications for those who didn’t qualify, Shadeed teamed up with Jeffrey Abraham’s plan to introduce The 2nd Chance Program as a last resort to foreclosure prevention to keep families in their home.
Mr. Myron Middleton started early in housing and development as the son of a General Contractor, financing, and building custom homes in the greater Los Angles area. He added to his resume passing the Real Estate exam in both California and Colorado where he and his father eventually resided building for the US Government, with contracts in Colorado Springs, and Denver throughout the 1970's. As business slowed during the recessions of the 1980's, Myron moved into the automobile industry as a finance manager, as well as sales/marketing. An opportunity arose to go overseas in South Africa to develop Telecommunications in the form of the new "Celluar Phones" market that had gained traction as prices became available to the masses. This continued through the year 2000, where he came home to the boom in the refinance market which he joined as a Loan Officer/Broker until the "Great Recession" took the bottom out of the market 2007-2008. Constructing Loan Modifications to help homeowners became the norm for many Brokers at that time being familiar with the Banks that survived the crash. The Government, as well as ourselves, were finding it increasingly difficult to make the Banks give homeowners a fair shake on new terms on their loans without excessive "fees". Myron joined a review board under well known "Robert Half Financial International Group" to investigate these abuses within these institutions, and that helped bring about changes for the future protection of homeowners from the banks. With his extensive knowledge in Finance and Real Estate, he gives solid advice and direction in these trying times which are upon us again.