| In order to stop foreclosure borrowers need to | | | | temporarily suspend or reduce mortgage payments or |
| become proactive and plan to spend a lot of time on | | | | roll past due payments to the end of the loan. |
| the phone. Mortgage lenders are overburdened with | | | | Another option to get out of foreclosure is to sell your |
| borrowers attempting to refinance, modify home loans | | | | house. Different strategies exist and your loss mitigator |
| or obtain short sale approval. It can take several days | | | | can advise which option you qualify for. If you have |
| to reach the appropriate contact person through your | | | | equity in your home you can list your property with a |
| bank. The first rule of thumb when attempting to save | | | | realtor or as 'For Sale by Owner' real estate. |
| your home from foreclosure is to have patience. | | | | If you owe more than your home is worth, your lender |
| In order to stop foreclosure you must be prepared to | | | | might grant short sale approval and allow you to sell |
| present documents proving you are financially | | | | your home for less than is owed on the home loan. |
| prepared to cure mortgage arrears and stay current | | | | Short sales can be complex and confusing. It is best to |
| with future home loan payments. Delinquent mortgage | | | | retain the services of a real estate attorney or short |
| accounts are assigned to a loss mitigator who will help | | | | sale specialist. |
| negotiate between you and your lender. | | | | If your property does not qualify for short sale |
| The second rule of thumb when stopping foreclosure | | | | approval, your lender might offer a deed in lieu of |
| is -- be nice to the loss mitigator. These employees | | | | foreclosure. This option allows you to return the house |
| are overwhelmed and subjected to verbal abuse on a | | | | back to your lender. The bank then sells the house |
| daily basis. Imagine working at a job where everyone | | | | through foreclosure auction or retains it as bank |
| you talk with is distraught and angry. Being nice | | | | owned property to sell at a later date. |
| practically guarantees your loss mitigator will work | | | | No one wants to lose their house to foreclosure. Being |
| harder to help you achieve a successful outcome. | | | | proactive can significantly improve your chances to |
| If you have the financial ability to cure mortgage | | | | prevent foreclosure from occurring. Procrastinating is a |
| arrears quickly, your lender might reinstate your home | | | | certain path to eviction. |
| loan without the need to refinance mortgages. Late | | | | Options exist to stop bank foreclosure. The bank |
| fees and accrued interest are added to delinquent | | | | wants their money, not your home. If you can devise a |
| payments and must be paid within the specified time. | | | | reasonable repayment plan, chances are you will be |
| Otherwise, the lender will commence with the | | | | successful in your quest of foreclosure prevention. |
| foreclosure eviction process. | | | | If you cannot afford to stay in your home, become |
| If you are unable to cure past due mortgage | | | | educated about foreclosure options. While you might |
| payments in full, prepare a repayment plan proposal | | | | not be able to avoid foreclosure, there are strategies |
| prior to contacting the bank. When possible, offer an | | | | that can make the process less painful. |
| upfront payment even if it is only small percentage of | | | | Conduct research online, consult with a real estate |
| the amount owed. | | | | attorney, talk to your lender or real estate investors |
| Lenders usually offer a forbearance agreement when | | | | who specialize in foreclosure properties. Gathering the |
| borrowers cannot pay delinquent amounts in full. | | | | facts gives you the opportunity to make an informed |
| Forbearance agreements might be structured to | | | | decision about a significant life event. |