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What You Can Do To Stop Foreclosure

A bank, or other lender, seeks foreclosure when it has good reason to believe that it no longer has any chance of repayment of the debt it is owed. The first step you can take to stop foreclosure on your home is avoid giving the bank any reason to believe it will not have its debt repaid! Just because you are unable to make a payment on your mortgage does not mean you have to lose your home. Keep in mind that the bank does not want to go through the costly and time-consuming foreclosure process if there are other viable options. In fact, mortgage investments agencies like Freddie Mac and Fannie Mae actually require lenders that they back to do everything they can to work with borrowers to avoid foreclosure.

Homeowners will often avoid notices from their lenders after they have missed a payment. This is understandable and usually driven by embarrassment or the sense of helplessness. However, by not responding to the lender's notices, you are giving them their first reason to think you will not be able to repay your loan. Stop the foreclosure mindset by contacting your lender immediately through one of the prescribed methods in the notice letter. Explain your situation and open the dialogue on options for avoiding foreclosure. There are more options available to stop foreclosure on your home when you are only one payment behind. The longer you wait and further behind you get, the more your options decrease.

Before contacting the lender you should review the terms of your mortgage to understand what rights you have and what the lender may do if you cannot make your loan payments. See if the mortgage terms have any prescribed methods for avoiding foreclosure in the event that you cannot make your payments on time. You should also review the laws regarding foreclosure in your state because they can vary widely on a state-by-state basis.

Alternatives to Foreclosure

Did you know?

  • Mortgage foreclosure filings nationwide have increased 93% over the last year
  • Projections call for 2 million more foreclosure filings in 2008
  • Banks have more foreclosures than they can handle. They do not want your home. They want you to help yourself avoid foreclosure! Do it today.

Read more Foreclosure Prevention Tips