How To Avoid Foreclosure
Do you know how to Avoid Foreclosure? A foreclosure is when you use your home as
security for mortgage and you fall behind in your mortgage repayments and the financial
institution start foreclosure proceedings, repossession, to resell your home and get the
outstanding amount of your mortgage repaid.
Quick action by you is first step to Avoid Foreclosure on your property.
What should I do if I am behind on my house payment?
Call your lender. You will find that the majority of lenders will be accommodating in helping
you overcome any financial hardships that you are experiencing. A lender is someone who
lends you money, they are not real estate agents, they do not want to take your home and sell
Don’t ignore letters from your lender because you are scared to tell them that you can’t make
a mortgage repayment. They will work with you to help you keep your home and stop it from
going into foreclosure.
How Can My Lender Help?
Your lender will have several options available to them to help you save your home from
going into foreclosure. They can restructure your mortgage repayments for a period of time to
help you overcome a cashflow problem.
What If My Lender Won’t Help Me?
Every individual has a different financial situation. If your lender is not helping you then
contact other lenders. There are options available to you including refinancing your loan. You
will find more detailed information within this website about your options.
The Foreclosure Process
The Foreclosure Process begins when you receive a Notice of Default. The Notice of Default
tells you that you have not made your mortgage repayments and how much of your home
loan is outstanding and what you owe in terms of the foreclosure fees.
This is not the end of your property ownership.
You still have 3 months from the date the Notice of Default is recorded to pay the back
payments and fees. You can find the date the notice was recorded on the first page next to the
words “recorded on.” If you pay the amount on the Notice of Default, the lender cannot sell
When Can A Lender Sell My Home?
The lender can sell your home if you fail to repay the outstanding amount within three
months. The lender will forward you a Notice of Sale stating the date, time, and place your
home is to be sold. You must be given the notice of sale at least 20 days before the day they
plan to sell your home.
Can I Stop The Sale Of My Home?
Yes you can stop the sale of your home. If you repay the outstanding amount due, including
fees, up to 15 days before the sale date.
You can still save your home at the “last minute” but you will have to make a full
repayment of your loan. Many people find themselves doing this after refinancing
Once paid, the lender will issue a Notice of Rescission. This proves that that the sale has been
Beware of Fraud
The foreclosure process is a stressful and trying time for many people. Especially since the
subprime mortgage disaster, it seems there are record numbers of foreclosures with each
passing week. Be careful that you don’t become a victim of a scam when you try to save
your home from foreclosure. There are many who will and do take advantage of people
facing desperate situations.
Need Foreclosure Help? Take the first step today and visit get4closurehelp.com
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