With many Option ARMs, hybrid arms, and other adjustable rate mortgages recasting and increasing rates and flat or declining property values. Many homeowners are facing foreclosure. If you are currently late on your mortgage payments, you are "in default" and your lender can foreclose on your home. However, just because you are late does not mean you will lose your home. Believe it or not, the last thing a lender wants to do is foreclose on your home. Lenders are in the business of lending money, not owning property. Lenders typically lose money on a foreclosed property. The lender incurs numerous costs from attorney fees, taxes, and maintenance. When the home is sold, it is typically sold far below market value just to get rid of it. 

If you have been late on your mortgage for more than 3 months you may receive a Notice of Default. Although this is a difficult time you do have options and shouldn't let anyone convince you to do something you aren't comfortable with. In my experience, the last thing people want is to lose their home to a foreclosure shark or worse the foreclosure process itself. I am not a foreclosure shark. I am a mortgage broker who understands the foreclosure process and has the experience and resources to help many homeowners facing foreclosure.

Most people facing foreclosure would like to find a new loan to correct the situation. These loans are called Foreclosure Bailout Loans. The loan is designed to bail out the borrower from the foreclosure process. Unfortunately, many people run out of time because they wait too long. In other cases they start working with a mortgage broker that doesn't have experience with Foreclosure Bailouts.

Depending on the equity in your home, I may be able to help. I do have a few lenders with programs that will allow you to refinance and save your home. As you probably know, these loans aren't easy and the rates aren't pretty, but they may give you some security knowing that you aren't going to lose your home while you get back on your feet. 

Here is what I need to know to find a Foreclosure Bailout loan for you:

• Where is your property located?
• How long have you been behind on your loan?
• How much do you currently owe?
• What do you think your home is worth? (We need at least 30%-40% equity. )
• How did you get into the current situation?
• What is your current ability to repay the loan?

Call me right away or send me an email with the above information and I will see if I can help you out. If I can't do the loan, I will point you in the right direction or advise you on your next step. You can also apply online, however, I urge you to call me to discuss your situation.

The bottom line is: DON'T LOSE YOUR HOME TO FORECLOSURE!