Losing your home to foreclosure is never a good thing and it’s as scary as it sounds, however, losing your home isn’t the only impact a foreclosure can have on you. Your credit rating can also be affected and getting a new place to live in a rush is also stressful. Despite all that, you do not have to fold your hands and watch all this happen to you. From the moment you receive a foreclosure notice, you should begin to take necessary actions towards stopping foreclosure.
There are a lot of options out there that has worked for other homeowners to stop foreclosure, you can research about them to know how to go about yours and which will be best for you. Here are things you can do to stop foreclosure today:
Get on tract with your loan
Getting on track with your loan means paying up on all missed payments, add up the amount defaulted on and pay up. Most homeowners default because of financial difficulties but not all, so if you can pay up, it would be better. Your lender would prefer that you get on track than auction your home. Inform your lender immediately if you can pay and you will be directed as to how you will go about it.
Modify your loan
For homeowners who can’t afford to pay up on their defaulted amount for one reason or the other, another option available for them is to request for loan modification. The process of loan modification require that you renegotiate your loan agreement such that changes can be made to the amount paid per month, duration of the loan etc. Your lender most be aware of the situations surrounding your financial difficulties to approve your modification.
The methods listed above will work well if you take action immediately. You can stop foreclosure today, contact your lender now.
For information on foreclosure defense call us at (877) 399 2995. We offer litigation document review support, mortgage audit reports, securitization audit reports, affidavit of expert witness notarized, and more.