When you've gotten notice that your home is about to enter foreclosure, you don't have any time to waste. But even at this stage there are things that can be done to stop foreclosure fast. Here are a few of them.
When you receive the foreclosure notice, you probably will feel some fear or panic that you're on the brink of losing your family home to foreclosure. You need to immediately put your feelings aside and take action quickly because you don't have much time to attempt to stop the foreclosure.
Because you only have a very limited amount of time, here's what you should do.
1. Immediately contact your mortgage lender to arrange a face to face meeting. Insist that the representative you meet with be someone with the authority to make decisions. Don't discuss your situation in this phone call.
When the meeting is held, be ready to supply any requested facts and figures to the loan officer. He or she will want to know if you're currently employed, the amount you are paid, a list of assets, and your current expenses.
The lender should be willing to meet and talk about options with you. If you're able to show that there are resources at your disposal, you may be able to qualify for a modified loan. Options might include an interest only loan over a specific period of time, or an extension on your mortgage term, or even a reduction in your rate of interest. The goal of any of these alternatives is to lower your payments to the point where they become affordable to you.
2. If you have equity in your house, try to arrange a loan that is equivalent to the equity value. Then use this to pay your arrears. Doing this will get you out of your current situation but don't stop there. Renegotiate the terms of your mortgage so you can set up affordable payments.
3. You might be eligible for a one-time payment from the FHA Insurance fund. This fund has been set up to pay off arrears. In order to qualify for this funding, you must be between 4 and 12 months delinquent on your mortgage payments. However you have to show that with your current financial situation you will be able to resume making regular payments on time.
This funding is intended for those who've been unemployed, are currently employed, but cannot catch up on their arrears.
4. Get assistance from government agencies. There are lots of people who are dealing with foreclosure. Our government has recognized this huge problem and as a result they've set up several programs to assist.
A couple of recent programs are the Obama Mortgage Modification Program and another program called Project Lifeline. Several government programs deal with short term assistance while others offer help for a longer term. And don't forget about contacting HUD for assistance.
5. A last resort might be to file suit in court against your creditors. There are so many cases waiting to be heard that you will have extra time to organize your finances. This is an extreme measure and should not be taken lightly. You should meet with an attorney who is familiar with foreclosure and other real estate transactions, before filing.
To stop foreclosure fast, you really need to be ready to act just as soon as you receive the notice. Do not put off taking action in hopes that the foreclosure will just go away. Because it won't go away and by the time you realize it, unfortunately it may be too late.
When you receive the foreclosure notice, you probably will feel some fear or panic that you're on the brink of losing your family home to foreclosure. You need to immediately put your feelings aside and take action quickly because you don't have much time to attempt to stop the foreclosure.
Because you only have a very limited amount of time, here's what you should do.
1. Immediately contact your mortgage lender to arrange a face to face meeting. Insist that the representative you meet with be someone with the authority to make decisions. Don't discuss your situation in this phone call.
When the meeting is held, be ready to supply any requested facts and figures to the loan officer. He or she will want to know if you're currently employed, the amount you are paid, a list of assets, and your current expenses.
The lender should be willing to meet and talk about options with you. If you're able to show that there are resources at your disposal, you may be able to qualify for a modified loan. Options might include an interest only loan over a specific period of time, or an extension on your mortgage term, or even a reduction in your rate of interest. The goal of any of these alternatives is to lower your payments to the point where they become affordable to you.
2. If you have equity in your house, try to arrange a loan that is equivalent to the equity value. Then use this to pay your arrears. Doing this will get you out of your current situation but don't stop there. Renegotiate the terms of your mortgage so you can set up affordable payments.
3. You might be eligible for a one-time payment from the FHA Insurance fund. This fund has been set up to pay off arrears. In order to qualify for this funding, you must be between 4 and 12 months delinquent on your mortgage payments. However you have to show that with your current financial situation you will be able to resume making regular payments on time.
This funding is intended for those who've been unemployed, are currently employed, but cannot catch up on their arrears.
4. Get assistance from government agencies. There are lots of people who are dealing with foreclosure. Our government has recognized this huge problem and as a result they've set up several programs to assist.
A couple of recent programs are the Obama Mortgage Modification Program and another program called Project Lifeline. Several government programs deal with short term assistance while others offer help for a longer term. And don't forget about contacting HUD for assistance.
5. A last resort might be to file suit in court against your creditors. There are so many cases waiting to be heard that you will have extra time to organize your finances. This is an extreme measure and should not be taken lightly. You should meet with an attorney who is familiar with foreclosure and other real estate transactions, before filing.
To stop foreclosure fast, you really need to be ready to act just as soon as you receive the notice. Do not put off taking action in hopes that the foreclosure will just go away. Because it won't go away and by the time you realize it, unfortunately it may be too late.
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