The 5 Best Ways To Stop Foreclosure Fast – Don’t Wait
When you receive a notice to the effect that foreclosure proceedings are starting, you can’t afford to waste any time responding.
Even though you may be feeling fear or panic at the prospect of losing your home, you need to force yourself to act right away. Every day that passes once you receive the foreclosure notice is a day closer to losing your home, so take action right away.
Because you only have limited time, here’s what to do.
1. Contact your mortgage holder and arrange a face to face meeting with someone who has authority to make decisions. Don’t discuss anything on the phone. When you have your meeting, be prepared to supply facts and figures to the loan officer. They will want to know if you are employed or not, how much you make, assets, and current expenses.
Your lender should be willing to at least discuss possible options with you. If you can show that there are resources available in the household, you may be able to get a modified loan. The loan could be an interest only loan, a change in the length of the mortgage term, or a reduced rate of interest. The goal of any of these options is to reduce the size of your payments so they become affordable.
2. If you have some equity in your house, you could try to arrange a loan equal to the equity value and then use this to pay down your arrears. This will get you out of your current situation but you will also need to renegotiate the terms of your mortgage so you are able to afford your payments.
3. You may be able to get a one time payment from the FHA Insurance fund to bring your mortgage up to date. You may qualify if you are between four and twelve months delinquent on your payments and will now be able to make your full mortgage payments.
The FHA fund is designed to be used by those who were hit with temporary situations that prevented them from maintaining their payments and have fallen behind.
4. Apply for assistance with the various government agencies. There are many people dealing with foreclosure. All levels of government recognize the immense problem, so a number of programs have been put in place to assist.
These programs include Project Lifeline and the Obama Mortgage Modification Program. Some of these government sponsored programs are for use over a short period of time. Other programs are designed for longer term assistance. Also check out the HUB website for where to get help.
5. A last resort kind of strategy may be to file suit against your creditors in court. There is such a huge backlog of cases waiting to be heard that this will give you some extra time to at least get your finances in order. An extreme measure like this should not be taken lightly. You should in fact, meet with an attorney who deals with foreclosure and other real estate transactions, before you actually file.
If you want to stop foreclosure fast, you need to take action right away. Don’t put it off and hope foreclosure won’t happen, because it will and then it will be too late to act.
Discover 6 practical steps you can take to avoid foreclosure. If it’s too late for that, find out how to stop a foreclosure by going to getforeclosurefacts.com.