Foreclosing? Read This

One of life’s scariest and most dreaded occurrences is losing one’s home due to foreclosure.  Missed mortgage payments begin to pile up and soon every phone call makes you fear the worst.  If you are in this situation or think you might be in the near future, you need to know how to stop the foreclosure process so you can get your life back on track.  Here are a few methods that can buy you some time to get things fixed.

The first step is to contact the lender immediately if you think there may be problems arising.  Avoiding the situation will only make it worse.  Don’t wait until you miss a payment or until you miss three or four; do it at the first sign of problems.  Lenders will be much more willing to help out if they see that you are truly concerned about making the payments and taking care of the problem.  The longer you go without action, the less confidence the lender will have and the more likely that foreclosure proceedings will be initiated.  Lenders are not in the business of taking back houses and they don’t want this to happen any more than you do.

Once you have contacted the lender, put the situation into righting.  Draft a letter clearly outlining the hardships you are facing and include a plan to get back on track.  If possible, include documents that support both the problem and the solution.  This can be a very effective way to delay foreclosure and buy yourself some time to make things right.

Hiring an attorney that specializes in foreclosure can often help.  If your lender doesn’t want to make allowances, attorneys can often find errors and inconsistencies that can work to your advantage.  Perhaps this isn’t the best option, but it’s an option that is better than losing your home.

Another way to delay eviction is to schedule a court hearing to review the foreclosure.  Often, especially now, the courts are terribly backlogged and the hearing may be delayed by several months.  During this time you will not be evicted even if you are no longer making payments.

No one wants foreclosure, but often circumstances overcome one’s ability to pay.  Many people can get back on their feet if they just have a little more time to work things out.  Trying the methods above will buy that time.  If you are facing foreclosure, there is really nothing to lose in trying.