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Finance - Ways to Avoid a VA HUD Foreclosure



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By : Ron Lovell    99 or more times read
Submitted 2012-04-15 21:48:51
A foreclosure is always a tragic event. You've saved for so long to have the home of your dreams and you're about to lose it because you can't keep up on the payments. There are many different types of home mortgages including VA (Department of Veterans Affairs), HUD, FHA and traditional type mortgages. A VA or HUD foreclosure is similar to other foreclosure with some exceptions. A VA loan is a mortgage given to a Veteran by a bank, but is guaranteed by the VA. If the Veteran fails to make the payments, the VA will pay the loan so the VA foreclosure is done through the VA rather than the bank. tn pas cher

A HUD home is any residential property consisting of 1 to 4 units. The home is obtained because of a foreclosure of a mortgage from FHA. HUD will be the new owner and will sell to any interested buyer including a Veteran with the help of a VA loan. tn requin

After the VA or HUD foreclosure, the VA or HUD is the new owner of the home rather than the bank. Whether it's a VA, HUD foreclosure of an FHA loan going into the foreclosure the result is still devastating to the owner. nike tn pas cher

Some important tips to avoid having a VA or HUD foreclosure include:

Don't ignore the program as though it doesn't exist. It will be easier to catch up on your loan when it's only behind a month. Contact your lender at the first sign of financial problems. Don't avoid contact from them when they try to contact you.
Know your mortgage rights. Read the loan documents you signed when you took out your mortgage. Find out what the laws are in your state and what kind of time frame you're working with in your state.
Prioritize how you spend your money. Your mortgage and health care are the two most important expenses you'll have and they should always be made on time, even if it means cutting back on some other expenses. Cable bills, telephone packages are both example of expenses that you may be able to cut back on to help you make your mortgage payment.nike tn
Contact an HUD housing counselor for help. The U.S. Department of Housing and Urban Development (HUD) provides low cost or free housing counseling. These HUD-approved counselors can help you understand your finances and help you with your lender if you are having difficulties meeting your mortgage obligation. If your mortgage is a VA loan, the VA department can often offer financial assistance to the Veteran to avoid a VA HUD foreclosure.
Utilize your assets. If you have assets such as jewelry, a second car, whole life insurance policy or similar items, you may be able to sell them for the cash you need to catch up on your loan and avoid foreclosure.
Avoid foreclosure recovery or prevention companies. These companies are usually frauds or will charge you an extraordinary amount of money to help you. The amount of money you'll end up paying them could have gotten you caught up on your mortgage. Be especially suspicious of those that contact you. nike requin
Author Resource:- Ron Lovell can be found at: Best Credit Repair or Loans hostgator promo codes nike requin pas cher
Article From Ezine-Articles 23

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