Arm Yourself Against Foreclosures By Reading The Book
Lloyd Segal, a mortgage broker, in a timely move has authored a book full of punch to motivate borrowers into action against foreclosures. For those caught in the net the situation is not only agonizing but also insulting and traumatizing apart from being a economic catastrophe.
With foreclosures marching on with the highest peak in ten years Wall Street has started to quake and shiver.
The ‘How-To’ book is about how to keep your roof intact, negotiate with the lender and refinance, how to interpret the law to your favour and take recourse to other means like bankruptcy to fend off the wolf from the door. However Segal warns that sometimes nothing delivers and owners have to face up to the harsh reality of being unable to keep the unit. It is at this point that the book is of invaluable help giving advice focusing not on the foreclosure so much as getting rid of the financial burden. The approach is to squeeze out the maximum financial benefit and prevent damage to credit ratings. Nothing affects credit history more than a foreclosure past.
The book is full of hope and tells you to keep your chin up even when the dreaded foreclosure notice arrives. The first thing is to stay calm and fearless. Be determined not to surrender without a fight. It takes few months for foreclosures to become effective and Segal shows how to make the best use of this bonus.
He begins by putting the question – is the property worth keeping? The answer will involve taking into account equity of the unit and credit ratings together with future budget planning of the victim.
Next he says that, more often than not the lender is not an ogre and is willing to negotiate. Foreclosure process is expensive for them and moreover lenders do not want to sit on idle bricks and mortar.
If the first step fails then the other options are refinancing or filing for bankruptcy. Military persons may avail of special protection clause if still in service.
The tone of the book is impressed with the firm belief of the author that it is possible and very much so for the ordinary house owner to take the bull by the horns and subdue it. As a second line of action he suggest consultation with legal and financial experts.
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