Foreclosure - Get useful options to deal with foreclosure
Whether you are trying to keep your home and stop foreclosure; pursuing a short sale as a means to avoid foreclosure; offering a deed in lieu so you can bail on an underwater mortgage and get on with your life and your financial future - you will find many resources on this website.
First you will want to determine if your home is worth keeping from a pure financial perspective. Next you will want to consider the different programs that have been created to help you modify your existing loan and get your monthly mortgage down to something affordable. There are loss mitigation documents to prepare for submission, free HUD housing counseling, government sponsored plans you may qualify for (HAMP, HARP 2.0), legal resources available. You can check out this online community where people have shared their experiences - what they have done, and are doing, to make and implement good choices about dealing with foreclosure
By signing up for counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the pay off amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.