Stop Foreclosure - 7 Tips to Save Your Home
Faced with the threat of a foreclosure on their home, with all
the weight of the mortgage industry and its army of attorneys
against them, the average homeowner might feel like David facing
But David defeated Goliath !
David had a sling and some pebbles.
You have an armory of tactics and options which can enable you
to stop foreclosure proceedings in their tracks.
There are certain basic rules to follow if you want to stop
foreclosure on your home.
*** Do not leave your home. If you do, you may lose your
eligibility for assistance.
*** Do not speak to the lender's Collection department,
especially over the phone.
*** Never speak to any of your lender's representatives
without having all your facts assembled, and your strategy
*** Don't ask the lender what your options are - know your
options before the real discussions begin. Know and be prepared
for the questions and forms you will be faced with.
*** Don't volunteer the fact that you are either unemployed or
insolvent, or you're dead in the water. (If you are either
unemployed or insolvent, you'd better change things pretty quick,
for the lender has to be convinced that you have the means to
meet the loan repayments, and he will want to see evidence
supporting this fact before he will stop foreclosure
*** Don't rely on your memory - have everything written down
clearly, and all your credit history records at hand.
*** Speak to the lender's Loss Mitigation or Foreclosure
department. Be firm, and insist on speaking to the right people
*** Make a real effort to understand the legal terms relating
to mortgages. To stop foreclosure proceedings, you need to speak
the same language as your adversaries.
If you cannot fully understand the options, or the terms used,
you should certainly speak to a HUD approved counselor - ring
(800) 569 4287. And do this as soon as you realise you might be
heading for foreclosure.
Know your options ! Know your rights !
Stop Foreclosure - Tip 1
Read all communications from your lender. Time is your enemy, so
the earlier the potential problem is recognised by both parties,
the better the chances of a resolution.
Stop Foreclosure - Tip 2
If your property is FHA or VA insured, then your lender must give
you the opportunity for a workout. If they refuse, then the
FDA/VA may fail their claim for foreclosure.
Stop Foreclosure - Tip 3
If you are suffering financial loss due to the death or loss of a
spouse, illness, or unexpected increase in your outgoings,
contact the lender and request a loan modification, which
effectively changes the terms of the loan to lower the payments.
This is a very common process, but you will need to provide
evidence about the change in your circumstances. If you feel that
you qualify for a loan modification, and your lender refuses,
contact the HUD for advice.
Stop Foreclosure - Tip 4
If your loss of income is temporary, contact your lender and
request a forbearance. This means that you may be granted a
period during which your monthly payments are "suspended", after
which you must resume your monthly payments plus a partial
payment towards the payments you missed. Most lenders have a
forbearance program, but may require you to make an initial down
Stop Foreclosure - Tip 5
If you have a FFA/HUD loan, you may qualify for a partial claim
if the present loan is between 4 months and 12 months delinquent.
The partial claim has to be repaid only after the original loan
has been repaid in full. Any of these measures can enable you to
stop foreclosure on your home.
Stop Foreclosure - Tip 6
If all else fails, you could always file for bankruptcy at any
time during the lender's collecting process, and this would put
an immediate stop on the lender's activities. Unfortunately, new
bankruptcy reform legislation, to be introduced in October 2005,
will effectively invalidate this tactic. Under the new
legislation, you must receive credit counseling from an approved
agency 180 days - yes, that's 6 months - before you can file for
bankruptcy. By which time the lender could have filed for
foreclosure, and you could be out of your home.
Stop Foreclosure - Tip 7
Remember these facts.
The US is facing an ever-increasing tidal wave of homeowners
defaulting on their mortgages. The average cost to the mortgage
industry for each foreclosure is around $25000!
Foreclosures cost lenders money, big money, so it is in their
interests to reach a workout with the borrower, either to rescue
the mortgage, if this is possible, or to reduce the loss as a
result of foreclosure. Don't be intimidated by the lender or his
attorneys. Appraise yourself of your exact financial position.
Seek advice. Know your rights. Know your options. Be honest in
your statements. Keep a written record of all communucations.
You can stop foreclosure in its tracks. And save your
For your free Mortgage Calculators, and tons of mortgage
advice and information, visit Mortgage Loans
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