Stop Mortgage Foreclosure

Understanding what your rights are during foreclosure means that you are going to have to do some research. Your foreclosure rights (and timelines!) vary from state to state. A little bit of time spent on your state’s website researching foreclosure will bring you to the foreclosure laws that govern your state. Personally I have found the website for my county and other counties within my state to be the most helpful in explaining what my state’s foreclosure laws are and what my rights are within those laws.

Part of understanding what your foreclosure rights are can also be understood simply by the paperwork that you will get from your banks lawyers. Within the paperwork itself, it will tell you what your rights are. The timelines in foreclosure tend to work very quickly so pay attention to the paperwork that you get and figure out when court dates are and what timelines you are working with. I know that in my state there were certain timelines for filing an intent to cure (paperwork that I filed with the county that indicated that I planned to “cure” my loan - in other words pay it current). Some states also have right of redemption periods (this allows you to come up with all of the money to essentially buy your house back).

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Our house is in foreclosure I believe we have about 14 days left. We have no money. What if anything can we do to stop it?

You need to work closely with your mortgage lender - don't ignore them, and now it is your turn to become the one who bugs them (instead of the other way around).

Call your mortgage lender, and tell them to refinance for a temporary fix so you can keep your house, and for them to ask H.U.D. (Housing and Urban Development) for a loan to keep you in your home. They can do that.

You should also call H.U.D., and tell them what's going on. They can also work on it from their end, while your mortgage lender is working on it from theirs.

If you have any equity in your home, ask for it to be applied toward the amount due.

While that is going on, check with Bank of America or any large lending institution, and ask if you can apply for an equity loan.

Go to a well-known Realtor in your area (preferably one who advertsies and sells expensive homes), and ask if they know mortgage lenders who can help you stay in your home. Chances are, these people know every angle possible to keep you in your home.

When you talk with a mortgage lender, ask if a 'Reverse Mortgage' could apply to your case, and if so, can you refinance later when you are back on your feet?

You need to talk with top people in the industry. They are around you, but you need to contact them now, so they can help you immediately.

Good luck.

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When you are looking for ways to help prevent foreclosure, be sure to examine all of your options. Chances are that you have a whole lot more options than you think you have. The one that worked the best for me was simply talking to my bank. I just called and told them that I wanted to save my home from foreclosure.

From that point, I just had an honest conversation with my banks about what my financial situation was. We started discussing options and what would work best for my situation. It is not always easy to work with the banks and it will take persistence to get what you need from them. They are busy and dealing with many foreclosures so your issues may not take front stage for them unless you make them. Be polite, firm and consistent when dealing with your banks and that will take you a long way in getting you on track to help prevent foreclosure.

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The foreclosure process can be a nasty, painful and frustrating experience. But only if you let it be. One of the best ways to avoid the nasty and frustrating part is by being an educated homeowner. It is not hard to become a foreclosure expert for your own personal situation. All it takes is some time and research. The more informed that you are, the better choices that you can make. Becoming educated can also help get rid of some of that frustration because you now at least know what your options are.

A good place to start your research is online at your local county and state government websites. Searching these sites for foreclosure information will inform you of what the foreclosure laws are for your area and often it will also give you free information about how to stop home foreclosure. Some cities or counties even offer free foreclosure prevention classes. Take advantage of all of this free information. The more information you have, the better armed you are to stop mortgage foreclosure.

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