Learn Ways to Stop a Foreclosure

Nine out ten homeowners are facing foreclosure and want to remain in their home. If you are a homeowners faced with foreclosure and would like to remain in your home, there are ways to stop the foreclosure of your property. Begin with contacting your mortgage company if you unable to make your full monthly payment. The truth is most mortgage companies do not want to foreclose on their clients properties, they would rather work towards a solution. They may require you to provide them with bank statements and other financial documents so that they can evaluate your economic condition and can possibly extend your grace period for late payments or allow you to skip anywhere from 1-6 payments over a one to two year period. This procedure is called a forbearance agreement, which is one of many ways to stop a foreclosure. Keep in mind, you will need to catch up once you are back on your feet; this is only a temporary measure.

Another method of preventing foreclosure is to ask for a restructuring of your loan. Restructuring a loan involves extending the term of the loan so you have longer to pay and possibly pay lower monthly payments. This causes the delinquent payments to be spread out over several years and can also cause the interest rate on the loan to be lowered. Doing this will help you if your financial situation has permanently changed. Be sure to get the terms and conditions of any offer in writing.

If your mortgage carries a high interest rate and interest rates have since declined, refinancing is rarely a good option. Remember to be very cautious about refinancing because there are several lenders who prey on people susceptible to foreclosure. Keep in mind it can also be expensive as you may need to pay closing costs, points and other fees. There's also a risk of ending up with higher rates or fees that you cannot pay and you may end up facing foreclosure again, with even less money the next time around.

Contacting a real estate agent early on in the process is always a good idea, at least to find out how much you can get for your home and how fast it could be sold. This does not obligate you to sell. It will give you a fast start if you decide selling is your best option. If you have substantial equity in your home it is definitely a better option than having a foreclosure on your record.

If you are a homeowner faced with foreclosure and would like more information on ways to stop a foreclosure Click Here. However, this is only for people who are serious about learning ways to stop a foreclosure.

Stop Home Foreclosure NOW!!!

Just two missed mortgage payments can begin foreclosure proceedings and before you know it the home you have worked so hard to keep can be snatched away from you. To make matters worse, you may still end up owing money if the sale of the home does not cover the balance of your loan. If you are being threatened with foreclosure you may be able to prevent this possible devastation, but you must act quickly.
Begin with prioritizing your monthly expenses. Make your mortgage payment your top priority. Credit card bills, personal loans and other unsecured debt will have to take a back seat until after you pay your mortgage. Even though falling behind on these debts can cause you to accrue fees and may damage your credit, the consequences are not as serious as falling behind on your mortgage.
Get help if you are having trouble making your mortgage payments. You may benefit from credit counseling or a debt management program that includes housing counseling. Check with your lender to see if they have such a program available. Your local housing authority or extension service may offer debt counseling or foreclosure avoidance services. You can also gain assistance from government or charitable programs that will provide financial or legal support to help you stop home foreclosure. Also, consult an attorney if your situation is the result of predatory or deceptive lending practices. It is imperative to get help quickly in order to take advantage of all possible remedies.
If you can not make your full monthly payment, contact your lender immediately. Do not wait for a letter from the mortgage company and definitely do not ignore their letters. Generally, lenders do not want to foreclosure on your property and they will usually be willing to work with you if you make a good faith effort to make payments and/or if your incapability to do so is short-term. Most likely, you will be required to provide the lender with bank statements and other financial documents so that they can review your financial situation.
How likely is it that you will be able to save your home? Take a good look at your situation. If the problems that have led to your late payments are illness, job loss or a death in the family, you probably have a good chance of stopping foreclosure on your home. If this article has been a help to you and you would like more information on stopping foreclosure on your home Click Here! . However this is ONLY for people who are serious about saving their home from foreclosure.