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Amazingly, in many states, you are able to stop house
foreclosure right up to the day prior to your home being
sold. How are you able to make this happen? Several states
have, as part of their foreclosure laws, something called a
right to cure.
A right to cure is basically a right to get your loan
current with your lender. This involves paying every back
payment, all of your late fees, lawyer’s fees and all of the
rest of the fees that your bank requires in order to make
your loan current with your mortgage company. The
interesting thing about a right to cure is that your payment
does not go straight to your mortgage company. You make your
actual payment to the government agency that entered the
deed for your home. In my situation, this was the public
trustee for my county. This is definitively a method of
stopping foreclosure and if necessary, it can be a final
attempt to keep your house. For me, just sending the
paperwork helped me feel better and gave me the knowledge
that I could save my home right up until the sale date if I
had to.
So what must you have in order to file an intent to cure?
You must have the right documents. My county had a specific
Intent to Cure form that I had to fill out. The form alone
was basically easy to understand. The sole particular areas
of info that I had to go find in order to complete the form
was my foreclosure number, date that the deed of trust on my
house was registered with the county and the recording
number of the deed of trust. Everything that I needed was on
the legal papers that my mortgage company's lawyer mailed to
me. The only thing left to do after the form was completed
was to fax it to my county’s public trustee office. To stop
house foreclosure in this manner, you must do some digging
to find out what precisely you must have and when you must
have it finished. My county required that I send in my
intent to cure a minimum of 15 days prior to my scheduled
sale date.
There is no harm in putting together the paperwork necessary
and filing an intent to cure. It does not bind you in any
way to saving your house in this manner. In my own
situation, I did file the intent to cure paperwork but I did
not save my home in this manner. But I was glad to know that
it was an alternative available to me if all else failed
with my bank. The thing I liked about this was that this
gave me an option to save my house right up until noon on
the day before my house was scheduled for sale. In order to
use this alternative, I just would have had to get a
cashier's check for the full cure amount to the public
trustee for my county by noon of the day before my sale
date. I'm glad I didn't have to use this option but I'm glad
I had it available to me.
This could be an effective alternative as well if there are
difficulties working with your lender. It kind of removes
your mortgage company from the equation. In my case, my
county's public trustee asked for the numbers from my lender
and then gave those figures to me. If your mortgage company
refuses to speak with you about what you need to do in order
to reestablish your loan, they will be forced, by law, to
supply those numbers to the government office that recorded
your deed of trust.
The easiest method of determining if this is a means for you
to stop house
foreclosure is to go find your state's foreclosure laws.
This can be a wonderful method of keeping your home out of
foreclosure.
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