Stop Mortgage Foreclosure

Your rights in foreclosure vary. It is all dependent upon what state you live in and whether or not your foreclosure is judicial or non-judicial. State and local resources will be your best source of information about the specifics of your rights.

As with many areas of life, you have the right to have an attorney represent you and your interests. If you are having problems communicating with your mortgage company or if you believe they have done something illegal, getting an attorney may be the best course of action. If you can, try to get an initial consultation with an attorney without retaining their services. A consultation about your situation may be all that you need and a consultation will cost you a lot less than retaining an attorney.

One of your rights in foreclosure may be the right to redeem your home after it has been sold at auction. Check to see if your state has a right of redemption. If they do, find out how long it is and what you need to do in order to get your home back.

If your home does get sold, there are also certain eviction procedures that must be followed before you are removed from your house. In many places, the timeframe is not that long. You may have three days or less to pack up your belongings and be out of the home. Be sure to understand what the eviction procedures are for your area.

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There is plenty of help out there when it comes to foreclosure. The real key is in finding help to stop foreclosure that can really help you instead of just taking your money. So how can you spot real help from a scam? There are a few things you should look for.

Remember that old saying, “if it sounds too good to be true, it probably is.” If someone tells you that they can quickly and easily fix your problems (for a fee of course), be skeptical and wary. Ask them for references of real people they have helped that you can call. Check out their company with the Better Business Bureau.

If they ask for money upfront before they do any work for you, it is also likely that the company is a scam. If they tell you that you have to “hurry, act now” it is also likely that they are a fraud. Yes, you do need to move quickly to save your home but you should never feel pressured into a solution.

So what about the real help? Where do you find that? From free foreclosure resources in your area. It is likely that there is a HUD counselor in your area, a free foreclosure hotline or free classes to help stop foreclosure. Look to those resources first before you consider paying someone. It is likely that they can help you. And if they cannot, you have not lost anything.

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It is always best to build a solid foundation before you try to build anything else. When it comes to being able to stop mortgage foreclosure, that foundation is vital. So how do you build it? What do you need to do?

The first block of the foundation is honesty This means being honest with yourself about what your financial situation is. Be honest with your mortgage company about what your money situation looks like. Be honest with your family about what is going on. If you are honest in all things and with everyone that you need to speak with about your foreclosure, you will be much better off and more likely to get the help that you really need.

The next block of the foundation to stop mortgage foreclosure is communication. You need to communicate with your mortgage company. This will likely require more effort at communication on your part. You will probably have to call them several times in order to talk to a real person. And you will have to continue to follow up with them. You also need to communicate with your family. Let them know what is going on, where you are at in the process and what the plan is. If you have children, be sure to keep the communication age appropriate. Do not try to lie to them though because kids will pick up on it.

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A short sale can be a good alternative to letting the bank foreclose on your home. If you either do not want to save your home or simply can no longer afford the payments, this may be your best bet. But before you go down this road, it is important to understand short sale foreclosure procedures.

The first thing that you need to know is what exactly a short sale is. A short sale is when the mortgage company agrees that you can sell your home for less than what you owe them. They agree to take less money than what you owe so that they do not have to go through the expense of foreclosure. Keep in mind that there are fees (realtor fees, closing costs, etc) involved in selling your home so the price you list the home at may be more than what you owe the mortgage company but after those fees are paid, it will be significantly less.

It is important to get a realtor that understands short sales and can work with your lender on your behalf. You will need someone who has experience in short sale foreclosure procedures. If you can, it is also important to get the short sale amount pre-approved by your bank. This means you will need to work with them and get them any necessary paperwork.

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Where can you find the tools that you need to stop foreclosure sale on your home? What are the best tools available? How do you know where to look?

Let’s start with how you know where to look. As a general rule, help with your foreclosure will not show up at your door. So those letters that you get promising to get you out of foreclosure quickly and easily are most likely a scam. However, the notice in the mail from your county with information about a free foreclosure class is not a scam. And looking for help from your county, city or state is a great place to start. Many areas have free resources to help you stop foreclosure sale.

What about the best tools available? Those will be ones that can help you with your specific situation. Some areas have a foreclosure hotline available that has foreclosure counselors on hand to help you with your specific situation. There is also a national hotline available through Hope Now. On that hotline you can speak with counselors about your unique situation and they can help you come up with solutions to save your home.

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There are options open to you to stop house foreclosure. But be careful about those options. Some of them are legitimate and some are not.

What are your best options? The answer to that is: it depends. It depends on if you want to keep your house or not. If you want to keep your house, your best bet is to talk to your mortgage company. They can offer you different workout packages for your specific situation. Be sure that you completely understand the workout package that they are offering to you before you sign anything. You do not want to end up agreeing to something that you cannot do or ending up in the same situation a few months from now.

If you do not want to keep your home, selling it will be your best option to stop house forclosure. If you owe more on the home that what it is worth, you will need to look at doing a short sale. Your best bet here is to get a realtor who knows about short sales. Be careful of any company that says that they will do it all for you. If you have to pay them money upfront, chances are it is a scam.

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