Stopping a foreclosure and saving your home is increasing possible. Avoiding foreclosure can often be better accomplished by working with professionals who work with the issues you are facing every day. Home owners who are desperately looking for affordable mortgage payments, loan modifications with a lower fixed interest rate, or concessions and cram downs on a second mortgage, or a HELOC, have increasingly found banks are unwilling to help. Banks are viewed (often correctly) as insincere and uncaring for having fueled the crack up boom of the national housing market.
There are currently more than 4 million homes in America in some form of default. Much of the housing mess is the result of the downturn in the economy. Loss of income, layoffs and cutbacks have created an environment where many people can no longer afford the home they purchased. There are also many (far too many) instances where predatory loan products were used to get people into mortgages and home loans that were more like ticking time bombs. A whole host of bad practices in the banking industry created the housing market implosion. Some of those episodes in the "banks behaving badly" miniseries include; Interest only loans, option ARM loans, falsely inflated appraisals, forced placed insurance, fee stuffing and more. One need look no further than the fact that banks are paying out billions of dollars in a national settlement in order to avoid further investigation into their bad loan origination, loan servicing, mortgage backed securities etc., for evidence that home many home owners have been harmed.
If it makes financial sense, and you are serious about keeping your home, speak with a knowledgeable professional about your options. There are no costs for the consult. If you are facing foreclosure and need experienced in court representation, or are have received a notice of default and want to get help - it's available right now. Don't wait to get the details you need to know about your next step and the possibilities for keeping your home.