Help With Foreclosure: Learn What Your
By: Jennifer D. Gray|LRL Writer
You couldn't find a more typical average American family than the story of
John and Mary: College sweethearts, they both got dream jobs during the strong economic climate of the late
90s after graduating from a prestigious college in the northeast in 1996. John worked in IT while Mary
obtained a middle-management job in marketing with a Fortune 500 company. In 2000, they finally got married
and moved into a new home, and two years later, welcomed a new baby girl to their household. Despite the
change in the economy after 9/11, it seemed that the John and Mary family was resistant if not firmly immune
to any potential crises. Who would have ever expected they would need help with
foreclosure in the near future?
But their fate would soon change unpredictably. As mortgage rates seemed to decline with
no end in sight, they took up an offer for an adjustable rate mortgage at 2% as they were currently paying a fixed
rate from their initial financing at 7%. After all, no one expected rates to just suddenly skyrocket. And, they
figured could cash out on some of their equity for that vacation to Greece that they had always planned to go. But
as soon as you could blink an eye, their adjustable rate mortgage ballooned to 9%. They soon began falling behind
on their monthly payments. To compound their problems, John was laid-off from his IT job as it was outsourced
overseas and Mary had stopped working to take care of their baby daughter. With no security blanket or income, John
and Mary were threatened with the possibility of foreclosure. In looking for ways to help with foreclosure, they
received all kinds of advice, but many seemed too good to be true.
Fortunately for John and Mary, they were able to save their home,
and so can you. Do you need help with foreclosure and want to know what John and Marry did? Their solution wasn't
complicated. First, if you are finding it difficult to find help with foreclosure, you need to
understand that banks want to help you – not kick you out. Therefore, call them up and explain your financial
situation. See what alternatives the lender can provide you to save your home. You may be able to get a new lower
fixed rate in a form of loan
modification foreclosure, if you are in an adjustable, which was the case with
John and Mary. Contact your lender and renegotiate your current mortgage rate and payments. Secondly, you can
consider renting out part of your house. If you can't afford it, then why not have renters help you? John and Mary
rented out the basement, and it allowed them to catch up and meet their payments. These are just a few options
available and there are many more!
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