Foreclosure Tips - 10 Sure Fire Tips To Stopping A Foreclosure

I know it scares you to even think about your home being taken after you have invested 15 years of mortgage payments and raising all of your kids

. Well, there is hope because I have provided you with ten sure fire foreclosure tips that you can try to prevent your home from going into foreclosure.

10 Foreclosure tips

Talk with the HUD counseling agency for more options.

Ask the bank to suspend your payments for a couple of months until you get back on your feet.

Argue that you did not understand loan agreement when you first bought the house.

Try a loan modification. With this option, the lender modifies several terms of your loan, like the payment, interest and sometimes the principal.

See if the bank will go for a Short Sale. This is when you are selling the property at the current market value, and the price is lower than your original loan.

Ask the bank if they will take a deed in lieu of foreclosure. Here, you voluntarily turn over the title to the lender to avoid foreclosure and damage to your credit report.

Try refinancing before letting your home foreclose. With this option, the lender will construct a new loan for you with a better interest rate and payment plan. This method is impossible if you are underwater.

Research the procedures on how foreclosure notices should be sent out, and if any of the steps were violated contact an attorney for a possible lawsuit. By doing this, it will slow down the foreclosure proceedings.

File Chapter 7 bankruptcy as a last resort because it stops all foreclosure activity. You should be aware that the lender might ask the judge for a lift of stay, which would allow the foreclosure to proceed.

File a Chapter 13 to stop the foreclosure. By doing this you are telling the bank that you need time to work out your financial situation. From there, you will be put on a payment plan to start paying back all of your creditors including the lender.

Lastly, the ten foreclosure tips stated above have been proven to work, if you really investigate the time and effort to make them happen. Now that you are empowered with more information, go out there and save your home.

by: Mark Clayborne

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