The Foreclosure Crisis is worsening - over 6 million home owners are in foreclosure from coast to coast impacting the national economy, a trend that is driving many to wisely seek financial help.
Time is ABSOLUTELY of the essence. The possibility
of stopping your foreclosure has to do with taking action now. All
of your foreclosure prevention options require time. ACT NOW!
Delaying will not help.!
Contact your mortgage lender immediately and be honest about your financial situation. Too many homeowners
do not know their options, so they panic and never call - they even avoid the phone calls
from the lender.
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When most people purchase real property, they do not have enough money to simply purchase the property outright. In order to make the purchase, they are required to borrow money from a lender. In exchange for lending the money, the lender will hold a lien against the property. If the borrower does not make the required payments, then the loan goes into default and the lender can exercise the lien against the property, in order to take legal possession of the property for the purpose of selling the property to pay off the borrower's loan. This process is called mortgage foreclosure.
How Does Mortgage Foreclosure
Work?
The first step in the mortgage
foreclosure process is that the loan becomes delinquent because the borrower
has not made a required payment or payments. When the loan becomes
delinquent, the borrower goes into what is called default. Often, the loan
will remain in default status for ninety days while the lender contacts the
borrower to inform him or her of the situation and give the borrower an
opportunity to pay the overdue balance. Once a mortgage is in default,
the lender may then begin the foreclosure process by filing a Notice of
Foreclosure. This means that the lender will file documents in court or with
the county recorder, depending on the state, stating an intention to
foreclose on the mortgage. There are a number of steps before this process
can be completed, and the typical time period that elapses from the filing
of foreclosure until sale of the property by the sheriff is anywhere from
120 days to 9 months. The borrower can also extend this process even longer
by challenging the proceedings in court. This method will not usually
prevent the sale of the property, but it can extend the amount of time the
borrower can remain in the property.
It is important to be aware that once the
lender has filed for foreclosure, the borrower will receive a great deal of
mail offering to refinance the property or provide other assistance. The
reason the borrower receives this mail is that the Court filing is a public
record, and anyone can access the information. It is best to be very
skeptical about these offers and claims, as many of them are fraudulent. It
is best to ignore these offers and work with your lender or another
reputable financial institution to resolve the situation.
Throughout the Foreclosure
Prevention Process
GET THE HELPYOU NEED -
Falling Behind On Payments? Modify your loan, eliminate your back payments and save your home.
1. KEEP NOTES of all your communications with the lender (or loan servicer),
including date and time of contact, the nature of the contact (face-to-face,
by phone, email, fax or postal mail), the first and last name of the
2. FOLLOW UP any oral requests you make with a letter to the lender (or loan servicer). Send your letter by certified mail, “return receipt requested,”
so you can document what the lender (or loan servicer) received. Keep copies
3. MEET ALL DEADLINESthe lender (or loan servicer) gives you.
4. STAY IN YOUR HOME during the process, since you may not qualify for
certain types of assistance if you move out. Renting your home will change
it from a primary residence to an investment property. Most likely, it will
disqualify you for any additional “workout” assistance from the lender (or
loan servicer). If you choose this route, be sure the rental income is
5. If you do not hear back from the lender (or loan servicer) in a
reasonable amount of time after communicating with them, contact them again.
CONTINUE TO FOLLOW UP.
