How To Stop Home Foreclosures!

Every year over 8 million homeowners are seeking help to stop home foreclosures and the proceedings that result.

Unexpected, life altering situations happen. Losing a job, medical expenses or other tragedies can occur that cause you to fall behind in your loan or mortgage payments.

If you don't pay your credit card bills, it hurts your credit score.

But ... if you stop paying your mortgage or home loan, the Lender can foreclose, taking the ownership of your home away from you.

A Little Background:
Where does the Lender get the right to Foreclose?

There is usually an "Acceleration Clause" in the mortgage/loan terms. This acceleration clause allows the Lender to declare the entire mortgage/loan due if the homeowner misses a certain number of mortgage/loan payments. Be aware that the lender can demand the entire loan due and payable, not just the missed payments. Generally, the homeowner must be provided with adequate notice before the Lender can utilize the acceleration clause.

The Foreclosure Process

A foreclosure is technically a lawsuit brought by the Lender to force the sale of property to satisfy an outstanding debt.

Usually, a court will fix the balance due on the mortgage (including interest accrued) and then orders a sale of the property.

The court will apply the proceeds of the sale to the outstanding debt.

The owner, however, has a right to pay the Lender off before the foreclosure sale in order to keep the home/property.
Many homeowners are not aware that they can get help preventing foreclosure and save their house.

If you really want to stop home foreclosures, you must set pride aside and deal with the issues quickly. Don't Be Embarassed - Be Proactive!

Steps To Stop Home Foreclosures

• Contact your lender as soon as you know your payments will be late.
• Do not ignore the lender's letters or phone calls. Ignoring the issue won't make it go away.
• Never assume your situation is hopeless!

If your financial shortfall is temporary, there are a few solutions to stop home foreclosures:

• Reinstatement might be possible when you are behind in your payments but can promise a lump sum to bring payments current by a specific date.
• With Forbearance, you are allowed to delay payments for a short period, with the understanding that another option will be used afterwards to bring the account current.
• Sometimes, Lenders will combine Forbearance with Reinstatement. If you know you'll have the money to bring your account/loan current by a specific date.
• A Repayment Plan
  If your account is past due, but you can now make payments, the Lender might agree to let you catch up by adding a portion of the past due amount to a certain number of monthly payments until your account is current.
• Consolidate Your Debt & Lower Your Monthly Payments! (You Don’t Need Perfect Credit to Refinance & Save $1000s. Compare Quotes from up to 4 lenders.)

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