| If you are facing a foreclosure, you need to know | | | | could possibly be the 5 % of American home owners |
| what your options are. More importantly, you need to | | | | who do not have any equity in their current home, |
| know which option you can act upon the quickest to | | | | which could act as a buffer against foreclosure for |
| bring your home out of foreclosure status and to end | | | | some. |
| the foreclosure proceedings against you. Foreclosure is | | | | In November this year, for the first time in over 25 |
| a process of dealing with a homeowner who has | | | | years, the U.S. Department of Housing and Urban |
| defaulted on their payment. This means that even if | | | | Development issued mortgage reforms to help |
| you are just one payment behind, your lender can | | | | consumers price the lowest cost mortgage and avoid |
| place a notice of default on your home and start | | | | pitfalls such as costly and harmful loan offers. Lenders, |
| foreclosure proceedings. | | | | as well as mortgage brokers, will be required to |
| Once foreclosure has begun, depending on what state | | | | provide consumers with what will be known as a |
| you live in, you may have only a few weeks before | | | | Good Faith Estimate (GFE). The GFE will disclose loan |
| the entire foreclosure process is complete. This means | | | | terms and closing costs in standard detail. |
| you have to work at a fast pace but one that is | | | | HUD's methodology is modification to the stipulations |
| respective of making the right choices at the same | | | | and guidelines regarding mortgages for many |
| time. | | | | homeowners so that foreclosure can be avoided. HUD |
| Lately all that has being in the media is bail outs for | | | | believes that the new regulation will save homeowners |
| Wall Street and even for all the banks. But in the midst | | | | as much as $700 when closing. Although the new |
| of all this the troubled homeowners are constantly | | | | standardized GFE and HUD-1 will not be required until |
| wondering where is relief for them. Even though | | | | January 1, 2010, it is good news. |
| statics are showing that 90% of home owners pay | | | | Borrowers can expect loan originators to provide a |
| their mortgages on time, there are still so many people | | | | GFE no more than three days after the loan originator |
| looking for relief from mortgage foreclosure. It has | | | | receives the necessary information. This allows |
| been said that 20 % of home owners in the nation | | | | borrows to shop for the best loans and virtually |
| could be what is bringing the U.S. economy down or it | | | | guarantees they will find the best prices available. |