Stop
Foreclosure - How to save your home.
When you know
that you are going to fall behind on your payments, you
should call your lender. If you don’t, when you do
fall behind, and the lender starts foreclosure proceedings by
filing a
Notice of Default, it will be too difficult and too late to
stop
foreclosure. The lender usually will not work out a repayment
schedule
by then.
When you get the notice, don’t wait too long to respond or
you run out of options. Some options to
stop
foreclosure are:
- Re-instate your loan. This is when you would be given
a time period to catch up with your payments, pay the cost of filling
the foreclosure and stop the foreclosure. If you are not able to make
up the missed payments then the lender would not work with
you.
- Refinance. You can borrow money on a new mortgage,
Make sure it is enough to pay off the balance on the old mortgage, any
arrearage and the legal fees. If you have enough equity in the house,
bad credit will not stop you from getting a new mortgage.
- Sell your home. Do not dismiss this option.
Sometimes, the problem could be that you simply cannot afford your
house. You may be able to save the house in the short term but in the
long run, if you are living beyond your means, you will still end up
loosing the house.
- Bankruptcy. This should be your last option. However,
sometimes it may be the best option to save your house and deal with
your creditors.
For more information on how to
stop foreclosure,
fill
out this form and save your home! 
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