HOMEOWNERS IN FORECLOSURE

An Unfortunate Situation
Foreclosure doesn't happen overnight, it's the culmination of a series of events (both personal and financial) that leave homeowners in an unfortunate situation.  These homeowners will try everything, from borrowing money to selling investments to cover mortgage payments, unfortunately they find themselves in the same situation 6 months or so down the road.  There are many reasons that people fall behind on payments - unexpected financial setbacks, increasing interest rates, job loss, or job transfer.  In essence, foreclosure happens to good people that find themselves in unfortunate situations. 

Avoid Foreclosure
Whether you are 1, 2 or 3 months behind in your mortgage payments, the best piece of advice that we can offer is to stay in constant communication with your mortgage company.  Keep them informed about your financial situation and when you plan on making payments.  There are workout options available for qualified individuals but your mortgage company does not openly provide this information:

• Forebearance 
  Temporary reduction or elimination of mortgage payments
• Loan modifications
  Lower payment created by modifying the interest rate, mortgage term, or payment size 
• Loan refinance 
  Refinance where the the arrears are added into the loan
  
  

We Are Here to Help
Our goal is to offer a support network of services to help homeowners avoid foreclosure at all cost.  If you are behind on your mortgage payments, currently in default, or have received a foreclosure notice, we can help by offering the following services:

• Property For Sale (1/18/08)
  We are currently developing this section of our site and it will soon be found on the foreclosuresNH.com or REOsNH.com home page.  This service will allow you to post your property on our site, viewable only by individuals who register and are in a position to make you an offer on your property or negotiate favorable terms.  Check back soon for updates.