How To Propose Alternative Payment Arrangements On Your Home Loan

Today's article is about stopping your bank foreclosing. We are wanting people to know that they don't need to sit back and let the banks foreclose. You don't need to be forced into going bankrupt and you don't need to loose everything just because your bank is trying to push you around!

Is it possible to have your bank try to foreclose your home from under your feet, when you nearly own it? Well, as you saw on Today Tonight, that's exactly what one bank tried to do. If you know you can't afford to keep living in your home, due to changes in your income, there are better ways then letting a real estate agent sell your home for a song, or letting the bank foreclose.

Many people who find themselves falling behind in their mortgage payments, overlook all their other outgoing expenses like credit cards, store cards and other non essential spending items. While we have already talked about the opportunity to fix those issues with Part 9 debt agreements, it is actually possible to propose a payment plan with your bank, to catch up on your home loan and keep your most prized asset... Your home!

Depending on your situation, be it health, or temporary financial set backs, it is possible to ask your bank or mortgage provider to give you a 3 month break in payments, whereby extending your loan by 3 months, so that you can regroup and get back on track. Banks will normally want to see that you have a plan to keep yourself out of future trouble. This could be simply getting a second or part time job for a few months, or other income generating opportunities. This will help them see that you are serious about staying on track.

If your bank can't or wont give you a 3 month break, you can propose a payment arrangement where you can make extra payments over the next 3 to 6 months, so that you can catch up. Also request they stop the fees and charges during this time. Sometimes they will, but often not. If you need to decided on where your money goes each month, its best to make priority on your family with putting food on the table, then your mortgage. Everything else should come second.
 
You may find that you simply cannot afford the mortgage any longer, and if this is the case, make sure you explore all of the options we have set out in the other articles. It is possible to sell your home to someone who is happy to pay the market price, and will be willing to be flexible with you on the terms of sale, so this option should be explored as well, before you give the sale to a local real estate agent. Why risk having your home in the hands of someone who could fire sale your property. Once it gets to the banks, this will normally be the sad reality, a firesale. Don't let that happen!

As you can see, the seemingly hopeless situation that most sellers could find themselves in, actually has many opportunities to help themselves while helping someone else to own their own home.

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