Help From A Housing CounselorHome foreclosures are a reality for many people these days. Individuals and families are losing their homes due to underwater mortgages, unemployment and other hardships of the 2011 era. The housing crisis is present in almost every state and the economy is struggling to recover. The truth is that many Americans can't afford their homes anymore. But for man there is hope. One way to get help is through foreclosure avoidance counseling. Struggling homeowners can search online for HUD-approved, nonprofit housing agencies for help and advice with loan modifications and alternatives to foreclosure such as a short sale or deeds-in-lieu. Depending on many factors such as a person's income, mortgage payment and amount of time the mortgage hasn't been paid, there are some steps a housing counselor can take to help save someone from foreclosing.
The first thing a housing counselor does is review a person's financial situation. They have to verify their income, expenses, bank statements and find out if that person can financially own and afford their house.
Next, a housing counselor explores options. The reality is that even if counseling happens early on, stopping a house from being foreclosed might not be possible. Some options include a short sale where the housing counselor serves as a negotiator and intermediary between the real estate agency and lender. Another option can be the deed-in-lieu of foreclosure where the borrower gives the deed of the house to the lender for forgiveness on the mortgage debt. However, with a deed-in-lieu the borrower's debt can't exceed the fair value of the home.
Refinancing or minimizing expenses can be another way out. In this case, the housing counselor will help an individual craft a hardship letter which is required by the lender to get a loan modification. In this letter, the homeowner will explain why the or she hasn't been paying the mortgage and what they are doing to fix that problem.
The housing counselor is also the person helping you compile all the necessary documents during various stages. They also check in regularly with the lender and makes sure the application is current. If a housing counselor can't help your home from being foreclosed and you need to move out, call the San Antonio local movers for help with your hassle-free move. The San Antonio moving specialists are professional movers backed by generations of expert movers. All My Sons of San Antonio will quilt-pad wrap your delicate personal belongings and help you assemble as reassemble your furniture. You can't go wrong with the San Antonio movers.