How To Stop Foreclosure Before It Happens
None of us want to lose our homes due to foreclosure. You may be able to stop your home from being foreclosed before things become that bad.
As soon as you begin having trouble making your mortgage payment, contact your lender. The actual foreclosure process does not normally begin until you are 3 months behind on your payments. Do not let it get this far behind. Call your lender, and try and work out some kind of payment arrangement. You want to contact them before they have to contact you. When you miss your first payment, you will be notified by mail, the second time you miss a payment, your lender will start calling you at home. It is in your best interest to avoid these phone calls.
There are several options for you if you contact your lender before you become 90 days past due. Once the account is over 90 days past due, there is not a lot you or your lender can do to save your home. All you can hope is to come up with the money to get your mortgage current. This can be almost impossible if you are already struggling to make your payments.
At 90 days past due your lender will notify you of the intent to exercise their rights and foreclose on your home. When you signed your mortgage documents, you signed a paper that said if you default on your loan, the lender has the right to take your property back.
You have until the time of the foreclosure auction to pay everything you owe, including any fees. Do not wait until you are facing foreclosure to take action. Contact your mortgage lender as soon as you see you are no longer able to make your payments as scheduled.