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Unfortunately there is no easy answer to this question.
There is also not one perfect answer since each foreclosure
situation is different. A technique that worked for someone
else may not work for you. Why? Mostly because your loan is
likely owned by a different bank than theirs. And even if
you loan is owned by the same bank as theirs, you likely do
not have an exactly identical situation to theirs. Each bank
treats foreclosure differently in different situations. So
how do you stop a foreclosure? The good news is that there
are some general things that you can do no matter what your
situation is.
Contact Your Mortgage Company
We’re starting with one that you have hopefully already
done. Contacting your mortgage company should have been the
first thing you did when you missed your first payment. If
you have not talked to them yet, do it now. Explain why you
cannot make your payments and ask if there are options
available to you. The reality is that sometimes your
mortgage company will help you and sometimes they will not.
Sometimes they don’t even return your phone calls. What
then?
Get a Third Party Involved
When you’re looking for how to stop a foreclosure, getting
someone else involved may help. It is best to try this if
you cannot get your lender to talk to you or if they are
being slow in responding to you. Hiring an attorney is one
option. Be sure that they fully understand your situation
and that they have a plan to help. Sometimes there is
nothing you can fight the mortgage company with legally. A
foreclosure or credit counselor may be able to advocate on
your behalf with the mortgage company. A phone call to these
agencies does not cost anything and they should be able to
tell you if they can help your situation or not. If you are
trying to sell your home, it doesn’t hurt to get your
realtor involved. Sometimes a mortgage company is more
willing to talk to a professional rather than the homeowner.
Making Home Affordable Program
This is a program started by the Obama administration to
assist homeowners in keeping their homes. Answering a few
simple questions on their website will help you find out if
you are eligible for the program or not. If you are, you can
contact a housing counselor to find out next steps. If your
loan is owned by Freddie Mac or Fannie Mae, your mortgage
company is required to participate in this program.
Finding how to stop foreclosure for your situation is not an
easy task. But with commitment and taking the time to look
for solutions, you can do it.
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