subject: Stop Foreclosure - The First Steps
[print this page] During a time when national foreclosure rates are through the roof, you may be looking for ways to stop foreclosure so you can keep that roof over your head. Usually, the process of foreclosure does not begin until you have incurred three months of nonpayment on your mortgage. If you see this becoming a possibility in your current financial state, now is the time to act. Remaining in denial about your inability to make payments, assuring yourself next month will get better, is not the way to prevent foreclosure before it occurs. Predicting your future monthly expenses and discerning whether you will likely be able to make payments is the first step.
Immediately after you establish that you will likely have trouble making your next two months premium payments on your mortgage, set up a meeting with your lender. Lack of communication never helped anyone solve any problems. Set your pride aside and arrange a meeting with the intent of discussing possible changes that may be made to the terms of your loan. Banks and lenders are usually not out to get you and do not want to you to lose your home. What they would prefer is possibly to enact a loan modification to make your payments possible. Your lender should be willing to work with you to stop foreclosure before more time elapses.
When it comes to meeting with your lender, you need to be able to negotiate to reach terms both parties can be satisfied with. This process can be simplified on your end if you can hire someone to represent you and provide aid in your case. Financial experts and lawyers are great people to turn to for representation and advice. These informed and practiced individuals know what lenders are looking for, so they will help you compile the correct documentation to help you get an approval on a loan modification or other agreement to help stop foreclosure.
You can of course choose to go through the process on your own, but having an expert who has saved thousands of homes belonging to other financially unstable people is a great boost for your confidence. The last thing you want when facing foreclosure is another thing to stress out about. Work with someone who will contact your lender immediately, not badger you over the phone or sit on their hands until it is too late. Get started today and stop foreclosure now!
