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At each place in your foreclosure action you have a chance
to stop a foreclosure sale on your house. You just have to
understand what your alternatives are and be ready to create
whatever measures are required so that you can keep your
house. In all probability this will involve doing things
that are awkward for you.
If you wish to stop a foreclosure sale on your house, you need
to get some information together.
1. Do you know what the foreclosure sale date of your home
is? Your mortgage company's attorneys will have sent you
legal paperwork that tells you what the sale date is for
your home. The documentation that I got which had my sale
date on it was called a Combined Notice of Sale and Right to
Cure and Redeem. The part that told me my foreclosure sale
date was called the Notice of Sale area.
2. What is the amount of money that you owe your lender?
Just adding together your missed payments to your lender is
not enough. Your lender has added on late fees, legal fees
and maybe other fees also. You can determine the amount that
you owe by requesting from your lender your loan
reinstatement amount. It is highly likely that it will take
several days for them to get back to you about this issue
and it is a very likely prospect that they will not even
phone you back after they got the numbers together so be
sure to phone them a couple of days after you ask for this
number.
3. Does your lender want to and are they able to work with
you on being able to stop
a foreclosure sale on your house? The response to this
question is not always yes and you need to prepare yourself
for the answer being no. Who your lender is plays a big role
in this. Some lenders are more difficult to deal with than
others. Some will simply refuse to work with you. Your
fiscal position plays a big role in this also. Every lender
has requirements and depending on what your finances look
like, they might not be able to offer you a solution. If
your financial picture has had a permanent alteration, there
may be nothing they can do to help you afford your home now.
The responses to the preceding questions will decide what
path you should take and which one will be the optimal one
for you so that you can stop a foreclosure sale of your
house. The responses to 2 and 3 are of particular
importance. If your lender is not prepared to help you with
a workout agreement, that could mean you must get the cash
necessary to reinstate your loan. And this is the point
where a decision must be made about the extent to which you
are willing to go to keep your house.
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