In the recent issue of the Reader's Digest, Elizabeth Razzi wrote an article about the subprime mortgage market entitled, "House Wrecked?" Razzi, after analyzing a few personal cases of people losing their homes to foreclosures, created a list of steps one can take to stay on top of the market. I am posting a few of her steps:
- Get an expert on your side. Razzi says, "You can get advice on avoiding foreclosures from a housing couselor approved by the US Deparment of Housing and Urban Development*."
*In case you wanted to reach that site, click here.
- Make copies of all of your documents.
- Ask the lender to waive prepayment penalties for refinancing.
- Razzi says "Do not work with anyone who asks you to sign a "quitclaim deed^."
^If you are unsure as to what a quitclaim deed is, go to Dr. Wikipedia's website. Or, read on. A quitclaim deed is a legal document which hands over ownership of your home. Obviously, don't sign this. You don't want to lose your home!
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