Discover How You Can Avoid Foreclosure

Discover How You Can Avoid Foreclosure

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Home Page > Finance > Mortgage > Discover How You Can Avoid Foreclosure

Discover How You Can Avoid Foreclosure

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Posted: Nov 14, 2010 |Comments: 0

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Do you know how you can Avoid Foreclosure? A foreclosure is when you use your home as security for mortgage and you fall behind in your mortgage repayments and the financial institution start foreclosure proceedings, repossession, to resell your home and get the outstanding amount of your mortgage repaid.

Quick action by you is first step to Avoid Foreclosure on your property.

What should I do if I am behind on my house payment?

Call your lender. You will find that the majority of lenders will be accommodating in helping you overcome any financial hardships that you are experiencing. A lender is someone who lends you money, they are not real estate agents, they do not want to take your home and sell it.

Don’t ignore letters from your lender because you are scared to tell them that you can’t make a mortgage repayment. They will work with you to help you keep your home and stop it from going into foreclosure.

How Can My Lender Help?

Your lender will have several options available to them to help you save your home from going into foreclosure. They can restructure your mortgage repayments for a period of time to help you overcome a cashflow problem.

What If My Lender Won’t Help Me?

Every individual has a different financial situation. If your lender is not helping you then contact other lenders. There are options available to you including refinancing your loan. You will find more detailed information within this website about your options.

The Foreclosure Process

The Foreclosure Process begins when you receive a Notice of Default. The Notice of Default tells you that you have not made your mortgage repayments and how much of your home loan is outstanding and what you owe in terms of the foreclosure fees.

This is not the end of your property ownership.

You still have 3 months from the date the Notice of Default is recorded to pay the back payments and fees. You can find the date the notice was recorded on the first page next to the words “recorded on.” If you pay the amount on the Notice of Default, the lender cannot sell your home.

When Can A Lender Sell My Home?

The lender can sell your home if you fail to repay the outstanding amount within three months. The lender will forward you a Notice of Sale stating the date, time, and place your home is to be sold. You must be given the notice of sale at least 20 days before the day they plan to sell your home.

Can I Stop The Sale Of My Home?

Yes you can stop the sale of your home. If you repay the outstanding amount due, including fees, up to 15 days before the sale date.

You can still save your home at the “last minute” but you will have to make a full repayment of your loan. Many people find themselves doing this after refinancing their loan.

Once paid, the lender will issue a Notice of Rescission. This proves that that the sale has been canceled.

Beware of Fraud

The foreclosure process is a stressful and trying time for many people. Especially since the subprime mortgage disaster, it seems there are record numbers of foreclosures with each passing week. Be careful that you don’t become a victim of a scam when you try to save your home from foreclosure. There are many who will and do take advantage of people facing desperate situations.

Need Foreclosure Help? Take the first step today and visit get4closurehelp.com

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Ask our experts your Mortgage related questions here…200 Characters left

I’m in the process of a foreclosure, and I have a 1st & 2nd loan with the same bank. I know the 1st loan qualifies for the mortgage forgiveness act? What about the 2nd loan? I live in California
I am in the process of lising my home and a foreclosure my loan has been closed for 5 years. the interest rate on my loan is very high. is it possible for the bank to cosidr giving me a new mortgage
I’m currently in a chapter 13 payback program. I strugglle to pay monthly bills as well as my mortgage payment each month. Would I be eligible for a bk buyout and mortgage refinance

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