Ways to Stop and Deal with Foreclosures in El Paso County

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Ways to Stop and Deal with Foreclosures in El Paso County El Pas o : TX : USA | J ul 30 , 20 13 at 12:42 AM PDT BY

allenrayallen

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Some ideal ways include communicating with the lender of the home. In case of trouble in paying the amount, the lender should communicate the problem. Being current on the home loan gives the option of refinancing the loan. In case the mortgage is delinquent, a loan modification plan can be availed. It is for your information that in El Paso County the process of foreclosure is rapid. Also in El Paso there are many counsellors who provide services where in the loan payment can be negotiated with the lender. Also they can re-evaluate the payment plans. The El Paso County has a family stabilization service that provides relief to families on urgency basis if it is seen that they wonâ&#x20AC;&#x2122;t be able to provide the loan amount back. Hence, the service is used to provide the whole payment for a month in lieu of the family. In El Paso, a plan termed as loan forbearance is used to modify the loan plan. The loss mitigation section of the mortgage company will make arrangements in this case to pay back some payments and the rest of the balance within a certain time period. Once the payment is done, the changes made to your payment plan remain permanent. Also the monthly payments will be resumed by the person who have availed the loan, once the modification is done. The forbearance becomes easy if it

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is done prior the foreclosure lawsuit. After the lawsuit is filed it becomes difficult. Another viable option will be to sell the property or the home in open markets. This will give you money from the sold property. A merit in this case is that the home can be sold at a much higher current rate in the market than it was initially bought at. Mortgage reinstating- The mortgage can be planned again if the monthly payments are being missed out as reinstating the mortgage allows one to make payments till the morning of the auction date. This results in second mortgage plan. Being careful in financing is another option for you in case you want to make yourself risk-free from the existing mortgage plan that you have set yourself in. Usually many other lenders will bother you by saying that you are pre-approved for other loans but this might be a plan to fix you into worse situations. To tackle out of the situation you should see the value of your property, your credit score, income and amount of monthly payments. A back up is useful in this case. Bankruptcy- This is an option in case the financial situation is improved. The option can be explored just before the auction of the property. This can be done to prohibit the sale of the property involved. Less people know that this only lingers the sale to some months and do not stop it from happening. After filing bankruptcy, a repayment plan has to be made. This plan is made to show that there is income to pay for basic amenities like food and clothing. The last resort to turn for individuals is the current income being earned by him or her. There might also be a case where you are in a good financial position and are able to pay the debts and make the property free.

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The main motive should be to find a real estate person who can get you out of the situation. He can arrange the buyers, finance it and also enable in closing the sale of homes and property. The last option is to let the courts sell the homes or the mortgaged property. In courts the homes or the properties are sold for 50 per cent of the current value. This is a loss to banks and financial institutions and in cases such as these they might even file for deficiency judgement against the person who is a defaulter. Also if the defaulter has not moved out of his house during the time of foreclosure and is expecting it to be stopped, he or she is forced to move out of the house within 24

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hours of the courtâ&#x20AC;&#x2122;s judgement in El Paso County. A certificate of title is levied to the new owner by the court after the judgement. This is done usually after ten days of judgement in the court of justice.

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allenrayallen is based in New Delhi, Delhi, India, and is a Stringer for Allvoices. Report Credibility SHARE: Like

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