Deerfield Beach, FL (PRWEB) September 22, 2011

Debt Management Credit Counseling Corp. (dmcconline.org), a non-profit-making charitable organization (“DMCC”), announced today that as part of its new Foreclosure Prevention Program it is providing qualified homeowners free loan modification services. Under this program, DMCC will prepare and submit loan modifications for homeowners free of charge if an initial assessment indicates that they qualify for a loan modification through the Home Affordable Modification Program (HAMP) or the Home Affordable Refinance Program (HARP), and it is a recommended solution for the homeowner to avoid foreclosure. DMCC housing counselors will analyze information furnish by the homeowner and provide them a written action intended with recommended solutions to avoid foreclosure establish on their personal situation and goals. It is essential that whatsoever homeowner who faces such decisions understands all their available options and seeks a solution from a HUD Approved Housing Counseling Agency such as DMCC.

Apart from those who knowingly take split in mortgage fraud, most homeowners face sudden extenuating circumstances that force them to stop make their mortgage payments; some of these reasons may be job loss, an illness, a death in the family or even an adjustable rate that has gotten too expensive. DMCC housing counselors can help these consumers avoid foreclosure by providing education and guidance about their available options, making this already overwhelming situation much more manageable. “We discuss everything from loan modifications and short sales to programs that are currently offered by the government. Our job is to supply the homeowner with the knowledge so they can make an inform decision” stated Stephen Lichtenberger, Operations Manager for DMCC. “We create an up to date budget with homeowners, as we believe this is a vital step in the process to help prevent the future venture of losing their home by maximizing their finances.”

DMCC housing counselors will reexamining available options with the homeowner and recommend the solution that best meets their fiscal situation. Possible solutions to prevent foreclosure include refinance, repayment plan, forbearance agreements, loan modifications, short sales, and rearward mortgages. If a loan modification through the Home Affordable Modification Program (HAMP) or the Home Affordable Refinance Program (HARP) is a viable and desired solution for homeowner, DMCC will prepare and submit the required modification documents to the homeowner’s mortgage lender. DMCC provides this service free of charge, along with personal budget counseling and other financial education, as part of their charitable mission. Debt management plans to assist consumers with the repayment of credit card accounts are also available. Lower credit card payments obtainable through debt management plans, combined with budgeting, is an option that may provide sufficient relief for homeowners to enable them to drop their monthly bond payment.

In order for homeowners to maximize the options available to them to prevent foreclosure, it is imperative that they seek assistance as soon as they know they will not be able to fitting their bond payments. Once a mortgage lender commences foreclosure proceedings, many options cease to be available. Homeowners wishing to acting advantage of this free service should contact DMCC at 866-618-3328 Monday through Thursday 9:00am to 5:00pm ET or Friday 9:00am to 3:00pm ET and ask to talk with a housing counselor.

About Debt Management Credit Counseling Corp.

DMCC is a non-profit-making 501(c)(3) public charity committed to educating consumers on fiscal issues and furnishing personal assistance to consumers overextended with debt. Education is supplied costless of charge to consumers via seminars, workshops, a proprietary fiscal literacy program, and a Brobdingnagian array of online and published materials. Free personal counselling is furnished to consumers to place the better options for the repayment of their debt. Consumers interested in uttering with a DMCC demonstrated credit counselor may name (866) 618-3328 or request aid at dmcconline.org. DMCC is a HUD Approved Housing Counseling Agency, is approved by the U.S. Trustee to supply bankruptcy advising and education, and has an A+ rating with the Better Business Bureau.

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Answer by golferwhoworks
they will sue before 7 years

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Regardless of where you are at financially, it is almost never too late to avoid losing your home to foreclosure.  Qualified loan modification attorneys know that while it is easy to lose hope and fall into a place of inaction, you have many tools at your disposal.

Options

Contact your being lender and glimpse if you can get a forbearance, a payment plan or a deed in lieu of foreclosure.  A forbearance is an agreement between the lender and the borrower that reinstates the delinquent loan through the payment of a lump sum or a schedule of payments over a period of time.  A payment plan is similar to forbearance; in some cases, the lender may agree to a short term payment plan if you can prove you’ve had a hardship (loss of a job, medical bills, etc.).  A deed in lieu of foreclosure is a voluntary transference of title to the lender.  Most often, this is used as a last forsaken effort by the homeowner to avoid the negative consequences of foreclosure.

The problem with all of these options is that they require a great deal of cash on hand, something you most likely do not have uncommitted.  Foreclosures can be a challenging situation because most people facing foreclosure are not simply lazy people who forgot to pay a bill, they are hardworking people who are facing some sort of financial crisis. These might be options if you have ,000 or ,000 on hand, but odds are you do not.  With a deed in lieu of foreclosure, the ultimate problem is you no longer ain the home, and so now you’ve lost any equity in the house and you are not in control

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Other options include refinancing, although that depends upon your credit history which could have taken a massive hit from your financial problems.  If you do not have an outstanding credit history, or if your fiscal challenges are more than short term, a refinancing probably will not happen.  A short sale is an option, although there is no guarantee that the lender will forgive whatever debt remains from the short sale.  There is also always bankruptcy, but there are so many challenges before, during and after a bankruptcy that it can be a complete waste of time.  A bankruptcy will stay on your credit history for up to a decade and provide nothing but headaches during that time.  Even afterwards you can face financial challenges, career challenges and legal challenges stemming from the bankruptcy.

Quite possibly your best option when confronting foreclosure is a California loan modification.  A loan modification is a change of the terms of the original mortgage loan; the change could be to the interest rate, the length of the mortgage, the principal balance, the late fees or some other part of the original agreement.  To get a loan modification, you can attempt to deal with the lender yourself or hire a California loan modification attorney to negotiate on your behalf.  A lend modification attorney will often get a quicker response from a lender because he or she will have the law on their side.  A lender will consider a loan modification when foreclosure is eminent and the borrower’s income has been decreased, but if the borrower will be able to keep paying the mortgage at a lower monthly rate.



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Answer by Karen R
If Countrywide is currently the 3rd bond and you buy it at their foreclosure sale you will be responsible for the 1st and 2nd mortages plus taxes.

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