Stop Foreclosure Without Paying All of Your Arrearage at Once
Author: Hector Milla
Author: Hector Milla
The best way to stop foreclosure on your home is to pay up all the missed mortgage payments. The lender will be more than happy to stop foreclosure proceedings if you can pay up accrued back payments. For many reasons this option is however not always possible. Sometimes it is not possible to pay all the payment arrears at once so you may have to consider other options. Hector Milla Editor of the "Best Mortgage Loan Modification" website -- http://www.BestMortgageLoanModification.net -- pointed out; Your first point of call should be your lender. Many times foreclosure proceedings would have been averted in the first place if the borrower kept in touch with the lender to explain the current situation of things. When you get a notice of foreclosure you should not hesitate to see your lender for options to stop the proceedings without paying all of the arrearage at once Many banks will gladly agree that you pay a portion of the pending amount (usually at least half the amount) plus late fees while the rest is spread over time usually 12 months. You will then have to pay a percentage of the rest of the pending amount along with your usual monthly payments. With this option you just need to get a loan or access to funds to pay just a part of what you owe. You can also pay a portion of the amount owed just like explained above and then modify the terms of the mortgage. The interest rates can be reduced and the amortization period extended to reduce the strain on you even if at least temporarily. To get favorable terms you may need the services of a professional foreclosure negotiator who is more experienced in handling such matters with the banks. You can also get more options from HUD approved counselors H. Milla added. Further information about how to get professional assistance with a mortgage loan modification by visiting; http://www.BestMortgageLoanModification.netAbout the Author:
Hector Milla runs his corporate website at http://www.OpsRegs.com where you can see all his articles and press releases.