All across the nation folks are facing their worst nightmare. They are facing the very real possibility of losing their homes, having to move into an apartment or worse still, possibly being homeless.
There are few things more demoralizing, painful and embarrassing than losing ones family home to the home mortgage foreclosure.
Unfortunately, many times this unfortunate happening is because the homeowners do not know how to keep track of their finances. Other times, it is because of unforeseen circumstance that cannot be avoided. But it makes little difference why it happens, to how many it may be happening to, when it happens to you it is terribly humiliating debilitating.
A survey was made a short time back by Bankrate.com and they gave Mr. and Mrs. America a near flunking grade of "D" in their knowledge of household finance.
Maybe the Six Packs cannot learn all the laws of economics before they lose their home to foreclosure, but if they are serious about keeping it, they can stop home mortgage foreclosure by taking massive and decisive action now. One of the fastest ways to stop foreclosure process is by discovering how hundreds and even thousands have stood up to the "man" and kept their homes.
What is worse than being totally untrained in the rudiments of home finances, they simply do not understand the burden of a thirty or forty year mortgage and the implications they will find themselves in if they cannot live up the small print on the back of the note. The small print they were to lazy to read and/or not schooled enough to understand the legalese contained therein.
If it is taken one small step or large step further, depending on how it is looked at, these ignorant folks actually believe they can trust the banker to take care of them. This is like asking the fox to guard the hen house. When a young "green" couple walk into to buy new home all the bankster can see is dollar $ in his eyes.
Everything usually goes quite well as long as monthly payments are made. The minute the Six Packs find themselves in over their head or their finances have changed they panic and become like deer in the headlights of an on-coming car. They are frozen stiff and will be knocked for a loop financially if they do not realize they are about to be hit and start taking massive action to defend their home.
Unfortunately, most of them will not take any kind of action at all. They will still be sitting on their couch as the sheriff deputies move it and them out to the lawn. While still sitting there in the yard, they will still be believing a miracle will happen to save their home.
These young folks are not the only ones to get into trouble financially. Many seasoned veterans have found themselves looking down the barrel of bill collectors and home mortgage foreclosure because they got carried away with their credit cards. It could be a whole different matter if they had to part with a hundred dollar bill with every purchase instead of just pushing a piece of plastic through a machine.
In order to stop home mortgage foreclosure, the homeowner must take action. Massive and decisive action, immediately if not sooner to prevent their home from ending up on the auction block down at the courthouse.
Almost the last thing banks like, is to be ignored. If the finance picture changes and it is going to effect the payment schedule, it is imperative the bank be contacted as soon as possible to inform them of the change and how Mr. Homeowner plans to take care of the loan.
Do not ever call the bank. Always communicate with them in writing so there is a paper trail of everything. If they call, politely ask them to send a letter with the whatever information they need for you or requesting whatever they may need from you. This helps to keep everyone on Que so no one can claim something was agreed to and then it gets botched down the road.
However, do not contact the bank until the financial picture has been evaluated so a realistic conclusion can be made about how to hand the new situation.
As painful as it may be, all debts have been listed with with the monthly payments. Then there must be sufficient money left over for living expenses. If there is not, some tough choices have be made.
What nonessential things can be trimmed down or cut out? What things could possibly be sold to pay off some of the bills? Maybe one or both of the Six Packs will need to take a job or a second job. Maybe a small in home business would be in order. Everything must be considered to stop foreclosure process.
It is bit like shutting the barn door after the horse got out, but a budget must be put together now so the homeowners can present a plan of action to the bankster with a reasonable degree of believing they can follow through with the proposal.
If this plan is accepted and flubbed, the bank will probably go ahead with the foreclosure process and the homeowners will find themselves living amongst the others who also use to be living the American dream. Their dream home just became a nightmare.
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