How To Stop My House From Foreclosure

Have you received a foreclosure notice but don’t know what to do? All hope is not lost, don’t give up the fight until your home has been sold, until then seek out alternative ways to save your home and I intend to provide you with some options. Carefully consider the following options any wrong move can cost you your home.

• Reinstatement

If you have a way by which you can gather enough money to pay off the defaulted amount, that would be great. Just contact your lender and let them know you can pay back before a certain date and your mortgage loan will be reinstated which will ultimately stop foreclosure.

• Forbearance

Situations such as job loss, medical challenges, etc. can not be adequately prepared for, the impact of such unexpected crises can cause financial difficulties and makes it difficult to meet up with your mortgage payment. However, you can contact your lender and inform them of the circumstances leading to your financial difficulties and request a forbearance. It would be better if you do this before a foreclosure is initiated, but you could still be granted a forbearance provided your situation is well understood.

• Loan modification

If you do not have enough money to pay back all the defaulted amount and your lender is unwilling to offer a forbearance, you can request for a loan modification to stop foreclosure. With a loan modification, you can reduce the amount of money paid per month and the set time for you to pay up your loan. In case your loan is due in a year, with a loan modification, you can lengthen the period from a year to 2 or more years as your lender permits.

Conclusion

There are many other options out there, the ones listed above will help you stop foreclosure without having to go to court or inquiring unnecessary charges.