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Here are what one can do slowdown or stop foreclosure:
1. Pay mortgage. The moment homeowner starts paying mortgage; lender may stop foreclosure proceedings depending on foreclosure stage. Lender will be more flexible and try to work with homeowner. Bank never wants to do foreclosure but forced to do due to missing payments.
2. Homeowner may need to speak to his/her lender's loss & mitigation department. Lender will require owner to write a letter stating what prevented him/her from paying mortgage. Lender will contact homeowner if it offers an arrangement for future payments. Again this isn't guaranteed but it is a first step to look for options to works out.
3. Assets. Homeowner needs to review assets such as jewelry, extra car, etc. that can be sold to make mortgage payment. How about postponing full credit card payments and paying just minimum payment to get current on mortgage payment?
4. Review monthly expenses. Which expenses can be cut or lowered to save cash for mortgage? This exercise of reviewing assets and monthly expenses will make lender understand homeowner situation and may possibly delay foreclosure proceedings.
5. Another option is to do "Short Sale" home that is to find a buyer before the foreclosure and sell house to avoid foreclosure. Remember a short sale will happen only when the bank or mortgage holder agrees to accept less than what is owed on that property. There is no guarantee bank will accept short sale offer. Bank decision depends on market conditions, buyer offer, owner missing payments, etc.
6. Federal govt put together private sector group called the HOPE NOW Alliance which helps streamline the process for refinancing and modifying mortgages. HOPE NOW runs a national hot line 888-995-HOPE to connect struggling homeowners with mortgage counselors.
7. Avoid foreclosure prevention companies. Most of these companies are scam. Do not sign any paper given by such companies without consulting real estate attorney. | |
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