|
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 area, this is 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.
So what must you have in order to file an intent to cure?
You must have the right documents. My county has a specific
Intent to Cure form. The form alone
is basically easy to understand. The sole particular areas
of info that you need to find for my county in order to complete the form
is your foreclosure number, date that the deed of trust on
your
house is registered with the county and the recording
number of the deed of trust. Everything that you need may
even be on
the legal papers that your mortgage company's lawyer mailed to
you. The only thing left to do after the form is completed
is to get it to your 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 requires that an
intent to cure be sent in a minimum of 15 days prior to your 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. It is a good alternative available to
you if all else fails
with your bank. In my county, it gives you the option to save
your house right up until noon on
the day before your house is scheduled for sale. In order to
use this alternative, you may need to get a
cashier's check for the full cure amount to the public
trustee for your county by noon of the day before your sale
date.
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 county, the public trustee
will ask for the numbers from your lender
and then give those figures to you. 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.
|
