Rising delinquency rates in mortgage payments have forced many homeowners to confront a harsh and unpleasant truth: foreclosure.The Mortgage Bankers Association's National Delinquency Survey for the third quarter of 2008 reported that the delinquency rate for mortgage loans rose more than a half of a percent between the second and third quarter of the year. Additionally, the number of loans in the foreclosure process increased again, as did the number of loans entering the foreclosure process.The economic and political factors that formed the home equity quagmire began with loose lending standards, rampant speculation, low interest rates and various ways to borrow from the housing piggy bank. Unfortunately it ends with homeowners fighting to keep a roof over their heads. Here's what you can do if you find yourself veering toward foreclosure.Also, find out what's gone into the foreclosure mix to bring some homeowners to this point, as well as how the process works and what you can do to stop it.Plus, see some tips on what not to do unless you really want to make a bad situation worse.Fighting foreclosureFacing foreclosure, finding solutions While you can't completely protect your investments, there are some measures you should know about.Foreclosure counseling for homeowners Homeowners who are intimidated by bankers and lenders often turn to community organizations to help them through the foreclosure process.Foreclosures at a glance From the first day after a missed payment through eviction after the auction, here's what happens in the foreclosure process.Do's and don'ts for fending off foreclosure Determined homeowners do have options once the foreclosure process has begun. Avoid common scams and act quickly.Foreclosure tax double whammy eased Losing your home in a foreclosure is bad enough. But just wait until you get the tax bill.Foreclosure scams In danger of losing their homes, desperate homeowners could fall prey to scam artists peddling false hope and crooked promises.Know your mortgage work sheet Bankrate polls have revealed that some mortgage holders don't know the terms of their loan. This work sheet helps borrowers pull the key information together on one simple form.Mortgage reset calculator Do you know what your mortgage payment will be when your rate adjusts? Use this calculator to find out. advertisementRelated Links:See home values in your stateNew appraisal may save second-home dreamMortgage rates climb for third weekRelated Articles:Qualify for mortgage help?Mortgage BasicsShould you refinance?
Rising delinquency rates in mortgage payments have forced many homeowners to confront a harsh and unpleasant truth: foreclosure.
The Mortgage Bankers Association's National Delinquency Survey for the third quarter of 2008 reported that the delinquency rate for mortgage loans rose more than a half of a percent between the second and third quarter of the year. Additionally, the number of loans in the foreclosure process increased again, as did the number of loans entering the foreclosure process.
The economic and political factors that formed the home equity quagmire began with loose lending standards, rampant speculation, low interest rates and various ways to borrow from the housing piggy bank. Unfortunately it ends with homeowners fighting to keep a roof over their heads. Here's what you can do if you find yourself veering toward foreclosure.
Also, find out what's gone into the foreclosure mix to bring some homeowners to this point, as well as how the process works and what you can do to stop it.
Plus, see some tips on what not to do unless you really want to make a bad situation worse.
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