How Can You Stop Mortgage Foreclosure?
In many states, foreclosure is a legal action wherein the lender of the mortgage will send a legal case against the borrower for not paying the monthly loan payments.
If two notices and months have passed and there is no reply from the borrower, the court may issue a notification stating that he must pay the entire remaining balance.
If the borrower does not pay, then the court will forcibly take the house.
If you are in the situation of the borrower, you obviously do not want somebody to take your house.
If you are having financial problems right now, then call the lender and tell him why you are paying late.
If you explain your situation logically, the lender may give you another chance.
You might have two options: one is to pay half of the current past due balance and continue paying the remaining balance for months, or do a loan modification that will work for both you and your bank.
In this way, you can easily reverse the situation.
What if the lender will not listen? That is where you need help from the outside.
There are companies locally and on the internet that deal with foreclosure.
They will help you stop mortgage foreclosure by legal advice, talking with your lender, or allowing low interest loaning.
If nothing stops the foreclosing, then it might be time to sell your house.
Once someone buys, you can pay the loan balance from the lender and find a temporary home for your family.
Who knows, you might have a new house when the economy gets better.
If you owe more on the home than what it is worth, look into doing a short sale.
If you decide to go this route, be sure to get a realtor that understands how to deal with your mortgage company.
Facing foreclosure is tough, so you have to stop it at any possible way.
Remember that even if you face this kind of trial, you must never give up.