Most people that are facing foreclosure can get easily overwhelmed and feel like nothing can be done to salvage the situation. Millions of families have been in the same boat as you over the past few years. Some people have done nothing, and lost their house. Some families have fought to the bitter end and won. You can work through foreclosure, but you are going to have to do some heavy lifting, or have a professional do the heavy lifting for you.

There are a range of options that are available today that weren’t available a few years back. Today, we will go over a few of these options, and we will dial into more in depth solutions in the following posts.

The first thing you MUST do is SOMETHING. That may sound weird to you, but there are people who go into “foreclosure” avoidance mode and wind up losing their house when other options were available to them.

Foreclosure Options:

1. Sell Your House
If you have equity, and time, the best thing to do might be to go a traditional route and hire a professional real estate agent that specializes in distressed property. There is a company that specializes in helping people Sell Their House Fast

2. Short Sale Your House
If you are upside down on your mortgage, meaning you owe more than the home is worth, one avenue to explore is having a short sale on your house. A short sale is when you get the mortgage holder to accept less than the stated mortgage. To get this facilitated, reach out to a local short sale expert. In the next few weeks, we will introduce some of the top short sale experts in the country to you.

3. Apply for a Loan Modification Program
A load modification is when the mortgage holder modifies the original terms of the mortgage note. Sometimes the mortgage holder will reduce the monthly payments temporarily to help you if this is a short term trouble spot for you. The note holder might adjust your APR (annual percentage rate), this will reduce your monthly payments.

Another type of modification is when the mortgage holder takes all of the payments that you are behind and parks it on the back of the mortgage. This is a grace period and the back payments will still have to be made. Loan Modifications can come in all shapes and sizes, and we will explore these in depth as the weeks go on.

4.Offer your Bank a Deed In Lieu of Foreclosure
What this basically means is that you give the keys and all interest in the property back to the bank. This was once a popular tactic used by the banks because most homes in foreclosure a few years back had equity built in. The banks would sell the home and keep the profit. Today, less and less banks will accept a deed in lieu.

5. PICK UP THE DANG phone and call your mortgage company. Explain your situation, and ask them what special options they have for you. Banks DO NOT want to take your home via the foreclosure process. You will find a much more responsive loan officer on the phone today than you would have 3-4 years ago.

6. You can file bankruptcy
There are different types of bankruptcy and every state has different laws on the books. We will have state and national specialists post the various pros and cons of bankruptcy.

7. Strategic Default

When all else fails, and you have tried to sell your house, work with the bank, and do everything else you can, strategic default is always an option, although it is one the we would only recommend to a slight fraction of the homeowners facing foreclosure.

Our next series of posts will be on short sales, the process of short sales, and how to find a short sale expert near you.

Latest Acquisition Extends Consumer Reach of Company’s Real Estate Vertical

MARIETTA, GA- HBN Interactive today announced the acquisition of IAmFacingForeclosure.com, a leading foreclosure help website.

IAmFacingForeclosure.com has grown by 200% during the last two months and is projected to have well over 500,000 UVs (unique visitors) in 2010. This growth is driven by the site’s collection of foreclosure help experts and foreclosure assistance companies.

“This is a hot area,” said Duane LeGate, CEO of HBN Interactive. “Foreclosures continue to plague the real estate market and there are no clear cut solutions for homeowners. Our mission at IAmFacingForeclosure.com is to is to walk the homeowner through the minefield of options and provide them with the service(s) and advice that best suits their personal situation.”

IAmFacingForeclosure.com is a perfect compliment to HBN Interactive’s portfolio of real estate related companies. Some of which include: HouseBuyerNetwork.com which focuses on short sales on behalf of the homeowner, SellMyHouseFast.com which introduces homeowners to quick sale solutions, and ~4,000 other real estate web properties with related resources. Since its establishment in 2004, HBN’s real estate vertical has expanded from a single website to include over 4,000 principal websites which consist of millions of monthly page views.

“We are very focused on helping homeowners face the challenges in today’s extreme real estate market. By leveraging HBN Interactive’s suite of services, homeowners can: sell their house in a quick and efficient manner, short sale their house with HBN’s experts, buy discounted property, and perform various other real estate related transactions.” added LeGate. “We believe the market will continue to struggle for years, and we plan to continue to bring innovative solutions to the market that will benefit homeowners that need immediate assistance.”

About HBN Interactive

Founded in 2004, HBN Interactive is a unique and leading Internet Real Estate Media Company. HBN Interactive has assisted close to one million homeowners needing specialized assistance. HBN Interactive has built a network of the best professional service providers in the real estate arena that can assist both home sellers and home buyers.

HBN Interactive Media Contact
For all media inquiries and interview requests, contact us.

By Moe Bedard Founder of Loan Safe 

Our forum at www.LoanSafe.org has been offering free foreclosure help to homeowners for the past 6 months and has become the #1 most trusted website for struggling borrowers. Over 25 homeowners have saved their home by getting mortgage help using the tools on this website to negotiate a loan modification.

LoanSafe.org is endorsed by CBS2 News and KCAL 9 News of Southern California as a safe website for homeowners to obtain free foreclosure information. You can see Loan Safe on on CBS 2 News right here and also a recent feature article in the Press Enterprise Newspaper.

Many homeowners have been victimized by predatory lending and mortgage fraud and they do not even realize that until they come to our forum and tell their story. Our experts have been able to identify these abuses just by the borrowers telling their problems in this open forum and then directing them to the proper relief and tools to give them the mortgage help they need.

Please join our one of a kind homeowners forum where you can ask questions and get answers in this unique and interactive community that was created to assist people in an anonymous, yet open question format. Meet other homeowners that are going through the same thing and get the help you need from industry experts and foreclosure defense and mortgage law attorneys. 

Please click on the banner to enter the Loan Safe forum.