How To Stop Foreclosure From Happening To You!
Stop Foreclosure - 1st Foreclosure Prevention negotiates with your lender to lower your mortgage payments, avoid foreclosure and negative credit impact.
The purpose behind this report is to help you decide
which option is best for you when it comes to preventing the foreclosure
process. The way to do this is through
information. You cannot have too much
information when it comes to the foreclosure process. The more you know, the better informed you
are of your choices. You do not have to
walk into the foreclosure process blindfolded - there are preventative measures
that you can take.
is not your friend when it comes to foreclosure. The minute your mortgage payment is more than
15 days late, you are assessed with a late charge. The calls begin after the loan is more than
30 days past due and do not stop.
Lenders today do not want to foreclose, but have no choice if you are
not responding to them. They will most
likely send you one letter before they file a Lis Pendens or a Notice of
Default in the court of the county where your property is located. Then, everyone will know that you are going
into foreclosure as this is public information.
If you have already been through this process and received a notice, you
are probably inundated with calls and mail from those who say that they want to
do you trust? Bankruptcy lawyers will
urge you to file bankruptcy, which should never, ever be the first option when
it comes to stopping foreclosure and, in many cases, will not save your
home. Some companies that say they are
loss mitigation companies will urge you towards a loan modification that they
receive a fee for up front. At 1st Foreclosure Prevention, we do not push you
towards any option that may not be right for you. We take a careful look at your particular
situation and then come up with a solution to suit your needs. There are two solutions that we look at -
keeping your home through a variety of different methods, and selling your home
in a variety of different ways. Choosing
one of these solutions that is right for you depends on your
There are three ways that you can stop foreclosure and still keep
your home. They include reinstating your
loan, refinancing your loan or declaring bankruptcy. These choices may or may not work for
you. Let’s take a look at them and see how they stack up against one
Reinstating your loan can consist of more choices. You may want to borrow money from a third
party and get your loan up to date. You
can talk to your lender on how much you need to borrow in order to stop the
foreclosure process and get your loan current.
Many times, the lender will waive some of the late fees if you promise
to catch up on your mortgage.
some states, there is no reinstatement available after the judgment has been
entered and the date of the foreclosure sale set. Other states allow you a right to redeem your
property even after the sale. This is
something that your loss mitigation specialist at 1st Foreclosure Prevention can help you
If you can reinstate your loan, there are several ways to do it. These include a total reinstatement, a repayment plan, a loan modification, a forbearance and a partial claim.
In order to use this option, you
have to be able to make your loan current right away. This is usually done when you borrow from a
third party. This option makes sense if
you went into foreclosure due to some problem with income, such as the loss of
a job, but are now back on your feet and financially able to pay your
mortgage. This option does not make
sense if you are struggling to pay your mortgage as it is and can often get you
deeper into debt.
Lenders will often tell you that
in order to stop the foreclosure process, you have to go for a total
reinstatement. This is not true. Many lenders will accept a repayment plan if
you are in a better financial position to repay the mortgage. The late mortgage payments can be spread
throughout the other mortgage payments for up to 12 months, until you get
caught up. If your lender is telling you
that you need a total reinstatement, you can use a loss mitigation service that
will be able to succeed with your lender where you cannot. This is because you are most likely not
talking to the right party. This works
well if you can make up the delinquent payments with larger payments and are
not struggling to pay the mortgage.
A Loan Modification plan can help stop foreclosure
as this entails a loss mitigation company renegotiating the terms of your
mortgage. Many loss mitigation companies
steer clients in this direction because they get a fee upfront. This is a good option if you are able to make
the new payments and are financially stable.
This is not a good option if you will be still struggling. It is also important to know that not every
lender will accept a loan modification agreement and will proceed with the
You can suspend your mortgage
payments for a short period of time by asking for a forbearance. This will allow you time to get back on your
feet, after which you can make your mortgage current. This is a good option if you have lost your
job and are optimistic about getting a new one that will enable you to pay your
mortgage. This is not a good option if
you just want to forestall the inevitable, although it can be a tool that comes
in handy to stave off foreclosure if you are selling your property. Loss mitigation specialists at 1st Foreclosure Prevention can help you with a
forbearance and let you know if it is right for you.
You may or may not qualify for
this program that is usually reserved for loans made through Freddie Mac or
Fannie Mae. You can pay about 30 percent
of the delinquency due and the lender will work out a program with you so that
you can repay the existing delinquency balance interest free. This can be a good option if you will be
assured of a better financial position and can repay the mortgage.
biggest advantage to using one of the reinstatement programs to stop
foreclosure is that you can keep your home.
The biggest disadvantage is that many people tend to lose more money
when using these programs as they continue to struggle with foreclosure, fall
deeper into debt and end up losing their home anyway. These options will only work if you can be
sure of being able to pay at least 75 percent of your current mortgage payment.
you have no equity in your home or very little, you may want to talk to your
loss mitigation specialist at 1st Foreclosure Prevention about a workout
agreement where the lender will take less for the home than what is owed in
event of a sale. You need to have a professional
loss mitigation specialist working with you when you choose this option so that
your rights are protected. This can be
an option for you if you do not qualify for a sale to an investor or owe a lot
more on the property than the property is worth. It takes a great deal of negotiation to get
the workout agreement to the point where it does you benefit. For many people, this is not an option, but
for some, especially those who have property in a state of disrepair that
prevents them from selling with a real estate agent, this can be the only
When you are facing foreclosure, you do not
have to feel helpless. There are many options open to you to help you stop
foreclosure from happening to you with regard to trying to keep your home and
selling your home. When you are facing
foreclosure, you should talk to a loss mitigation specialist at 1st Foreclosure Prevention who can give you a free
evaluation based upon your set of circumstances and further explain how the
foreclosure process works, how it can be prevented and what impact it can have
on your credit.
You do not have to feel helpless in the face of foreclosure. There is help available to you. Whether you wish to keep your home or if you just want to sell it and get a fresh start, loss mitigation specialists can help you find the right option that will work for you.
You have made the first move towards helping yourself avoid the
foreclosure process in getting this report.
Make the next move and contact 1st Foreclosure Prevention so that you can get a
free foreclosure evaluation of your situation and find out the right next step
that you can take to prevent foreclosure from happening to you.
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Avoid Foreclosure - 1st Foreclosure Prevention negotiates with your lender to lower your mortgage payments, avoid foreclosure and negative credit impact.