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HOW TO STOP A FORECLOSURE
Foreclosure is one of the most terrifying prospects a person can face. A personal tragedy such as the loss of a spouse or an unforeseen illness can leave you not only homeless, but relieved of the equity in your home.

This guide will teach you how to stop foreclosure. Some steps apply before the foreclosure process has even begun while others apply afterward. The most important thing to know is that the earlier you act- the better.

Before you go into Foreclosure
1. Contact your lender the moment you know you cannot make the next payment on time.
 Lenders would rather work with you to get you through a rough patch than invest the time and money required to foreclose.

2. Answer every letter and phone call from your mortgage company.
Ignoring your lender is a sure way to prevent them from working with you.

3. Do not let exasperation or hopelessness convince you to give up.
If you want to stop foreclosure, you are going to have to make an effort.

4. Consider forbearance.
Your mortgage lender may permit you to delay your payments for a specified period of time. This may require evidence that you will be able to catch up within a certain time frame.

After you have Missed a Payment
1. You can be reinstated.
Let your lender know when you will have the money to make up your missed payment and ask how to go about getting reinstated.

2. Repayment plans.
If you cannot provide your mortgage company with a lump sum, work with them to adjust your payments to include a reasonable increase until your missed payments have been made up.

When your Issues are not Temporary
Modify your mortgage. If you’re financial situation has changed for the long haul (such as an illness, layoff or death), you may be able to adjust the terms of your mortgage. Your lender may be willing to reduce the monthly payment in return for a higher rate and/or longer repayment schedule. In some cases, the mortgage company may even be willing to work the missed payments into your current loan, allowing them to be financed over the remaining life of the mortgage.

Sell your Home
When all other means fail, selling your home may be your best bet. You will need to work with your lender to prevent stop foreclosure proceedings while you put your home on the market and try to recover your equity.

 

 

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