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Stop a Bank Foreclosure – Saving Your Home and Avoiding Foreclosure is Not as Difficult as You Think
You bought a big house a few years ago. You were so excited to achieve your dream of home ownership.
Today, the dream has turned into a nightmare and you are now facing foreclosure. How can you avoid this?
Steps you can take to avoid foreclosure and save your home:
Defaulting on your mortgage is very different from defaulting on your credit card bills.
Your home is a secured debt. This means that when you stop paying the lender will repossess the house. Mortgage foreclosure.
Early in the default process, you can still get back over the limit if you haven’t missed more than one or two monthly payments and the lender hasn’t spent too much trying to get you back online.
As the foreclosure process progresses, the size of the delinquent debt and the bank legal costs customers often incur increase.
Borrowers, who try to ignore their financial problems and phone calls from their lenders, will likely lose their homes.
About 40 percent of people who are behind on their home payments never contact the lender. This is a huge mistake.
Understand that the foreclosure process is a well-oiled machine. Let’s say your payment is due on the 1st. Once the 16th passes and you still haven’t paid, the bank starts looking closely at you and the machine starts rolling.
Once that gets to 90-100 days, they’re hitting you for legal fees on top of the mortgage payments and you’re in real danger of losing your home.
However, taking your home is the LAST thing the lender wants to do, no matter how much you have.
Banks are in the business of lending money. They are not in the business of selling real estate.
Foreclosure is expensive, it’s burdensome, and it’s stressful. Nobody wants this to happen. They want to recover your loan. That’s the goal.
How to stop it then and get it back?
1) Get serious about stopping it. Put your pride on hold and don’t be ashamed. Talk to the lender about all the options.
2) As soon as you know you are going to be late on your first payment, contact the lender. Communication and honesty are appreciated and will be rewarded with understanding.
3) Never ignore phone calls or letters from the lender. Ignoring it makes it worse and speeds up the process. If you don’t communicate the problem to them, they will simply assume you don’t care and will be more aggressive in their take-home strategy.
4) Stay positive. Their situation is not hopeless. Lenders deal with cases like yours every day. You are not alone. No matter how angry they sound with you, don’t take it personally. There are proven collection methods and they are going to use them with you.
5) Be honest about what you can do and be willing to sacrifice. They will not accept a payment plan where you pay back $100 a month that you are in arrears with. You are going to have to show them that you are committed to keeping your home. It may hurt financially, but if you want to keep your home, you will make the sacrifice.
6) Don’t over-promise and under-deliver. Deliver as promised with any payment plan. If you promise an extra $500 a month until you get caught, you better deliver. Failure to comply with your promised agreement results in no further agreements.
If you do all of this, you will likely end up stopping the foreclosure.
Here are some of the options you have to try to save your home or your credit:
You can request full reinstatement of your mortgage if you make late payments in a single amount by a specific date.
You can get a forbearance agreement where you are allowed to delay payments for a short period, with the understanding that another option will be used to put the current account down.
You can look into a repayment plan, while the lender may agree to catch you up by adding a portion of the overdue amount to a certain number of monthly payments until your account is brought up to date.
You can apply for a mortgage modification where you can make your regular payment now, but you can’t catch up on the overdue amount. In this case, the lender may agree to modify your mortgage.
One solution is to add the overdue amount to your existing loan, financing it for the long term. This is a very popular method.
It can also be changed if you no longer have the ability to make payments at the previous level. The lender can modify your mortgage to extend the length of your loan.
For example, if you have 25 years left on your loan, they can extend it to 28 years to help.
You may want to sell your home to save your credit. If you can’t catch up and you let the lender know you’re selling, they may agree to stay the foreclosure to give you time to try to sell your home.
If none of that works….
If you can afford the regular monthly mortgage payment, but can’t afford to make up the delinquent amount and legal fees because the lender offers a relatively strict repayment plan, you may want to consider filing for Chapter 13 bankruptcy.
This temporarily stops the foreclosure process. The mortgage lender may have to agree to a more borrower-friendly repayment plan, such as one that allows five years to pay off the arrears instead of one or two.
If you just need a little extra time to sell your home, consider refinancing through a “hard money” loan.
Although they have very high fees and commissions, loans, usually from individuals, can give people the extra couple of months they need to find buyers. Most banks will be more than happy to take cash, no matter how close the foreclosure sale is too. If a family member steps in with $10,000 to upgrade the loan, the borrower can usually just hand it over to the lender and go back to business as usual.
You must understand that late mortgage payments are very serious. Even if they want to work it out with you, the lender won’t let you simply negotiate a payment plan to catch up with the file review.
Plan to share with them all the details of your current financial situation, including income and expenses.
Open communication and compliance with the agreement you reach is the key to saving your home from foreclosure.
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