Stop Mortgage Foreclosure

What Are Your Foreclosure Rights?

admin — Tue, 31 Aug 2010 20:38:59 +0000

Unfortunately, the answer to that question is, it depends. Mostly it depends on what state you are in. Each state has different laws and timelines when it comes to foreclosure rights. You need to do your research and find out what those laws are in your state.

You can do this through online research and by contacting state and local agencies. Your state, city or county will likely have foreclosure resources for you. HUD is also a good place to look for help.

No matter what state you live in, part of your foreclosure rights includes the right to legal counsel. If you can afford it, this is a good idea. A qualified attorney will know about foreclosure law in your state. They should also be able to explain to you exactly where you are at in your foreclosure process, what legal rights you have, and what options are available to you.

You also have the right to ask your mortgage company to stop contacting you. Again, you will want to check the laws on this to see if they legally have to stop contacting you if you request it. You might want to send the request in writing and be sure to date it.

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Options to Stop House Foreclosure

admin — Thu, 08 Apr 2010 02:49:59 +0000

When you want to stop house foreclosure, you need to know what your options are. What options you have varies by situation and where you are at in the foreclosure process. Here is some help to understand what your best options are at different stages of foreclosure.

If you have missed a couple of payments and are not yet in foreclosure, your best bet is to contact your mortgage company. Call them to discuss what your options are. Be honest about what your situation is and why you cannot make your payments. They may be willing to work with you to find a solution.

If you are several months late on your mortgage payments and the foreclosure process has been started by your bank, you still have a lot of options. If you have tried to talk to your mortgage company but they are not willing to work with you, there are still options. Filing chapter 13 bankruptcy is an option and so is coming up with the amount of money that the mortgage company requires.

If you are just days away from your sale date, you have pretty much run out of options to save your home. At this point you should be looking for a different place to live and be planning to vacate the home as soon as possible.

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Where is Help with Foreclosure?

admin — Sun, 04 Apr 2010 03:05:59 +0000

If you are facing foreclosure, that is sure to be one of the main questions on your mind. Help can come in many forms and can come in unexpected ways so be open to everything. But it is best to go seek help rather than expect for it to come find you.

Help with foreclosure can come from friends and family. But only if they know that you are having a hard time. They may or may not be able to help you financially but they can certainly help you emotionally. Foreclosure is difficult and it is important to have people that you can lean on for support. They love you and care about you so let them be there for you.

Help can also come from consumer credit counseling services and attorneys. But again, only if you seek out their help. Consumer credit counseling services can help you come up with a financial plan to tackle your debts and save your home. Some charge a fee and can help you work with your creditors. Others offer free advice on how to best handle your situation. An attorney can be helpful in helping you navigate the legal aspect of foreclosure and in understanding your options.

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Why Should You Stop Mortgage Foreclosure?

admin — Fri, 02 Apr 2010 02:35:59 +0000

With decreasing home values and record unemployment, there are plenty of people facing foreclosure. As you look at your own individual situation, you really need to ask yourself if you should even bother to try to stop mortgage foreclosure. There are some serious questions you should ask.

Can I really even afford this home? If you find yourself in a situation where more than 30 to 40 percent of your income is going towards your mortgage, you likely have more home than you can afford.

Is this home worth what I owe on it? If the answer is no, figure out just how far “under water” you are on the home. How much do you owe on it versus how much it is worth? Is it a deficit that could be made up within a few years? If not, really think about just how valuable this home is to you.

How good is my credit? If you have otherwise excellent credit, think about just how much damage this will do to your credit scores. They will be affected for at least seven years because that is how long a foreclosure will remain on your credit report. How important is that to you?

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What to Know About Your Foreclosure Rights

admin — Tue, 30 Mar 2010 00:15:59 +0000

There are some critical things that you need to know about your foreclosure rights so that you can protect yourself and save your home. The laws in your state dictate many of these rights so becoming familiar with your state laws is critical. But the really important pieces are:

1. Knowing what the timeline is for foreclosure in your state. It starts with knowing when your mortgage company can begin foreclosure on your home. Can they start it after one missed payment or does it take a few months? Once the process is started, how soon is the foreclosure sale scheduled? After the sale, how long do you have to get out of the house? These are all important questions that you need to know the answer to.

2. What specific rights do you have in your state? Can you file an intent to cure? This is something that you will file with local authorities that indicates that you intend to get the payments on the loan current. If your mortgage company will not talk to you, this can be something that is a last ditch effort to save your home. Does your state have a right of redemption period? If so, how long is it? A right of redemption means that if you can come up with all of the money (the entire loan balance plus fees) due the mortgage company, then you can save your home. If your state has one, this happens after the foreclosure sale is complete.

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Solutions for Your Foreclosure Procedure

admin — Sat, 27 Mar 2010 03:23:59 +0000

There are many different possible solutions for your foreclosure procedure. Part of the trick of being able to save your house from foreclosure is being open to any idea, no matter how ridiculous it sounds. With that in mind, here are some possible solutions for you:

Get another job to help you make the mortgage payments
Find ways to cut back on your spending (no eating out or clothes and sticking to a strict grocery budget)
Make a list of everyone who might be able to help you and go ask them
Find “odds and ends” types of jobs (lawn mowing, shoe shoveling, etc)
Start a part-time business
Sell some of your stuff

This list is just to get you started thinking about what you can do to stop your foreclosure. Sit down with a pen and paper and do your own brainstorming. Think about how you can either generate more income or about how you can cut down on expenses. Ideally, you want the cut in expenses or the increase in income to be something ongoing. That way you can be sure that you can continue to make your mortgage payments every month.

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How to Stop Foreclosure Sale

admin — Thu, 25 Mar 2010 01:56:59 +0000

Finding a way to stop foreclosure sale on your home can be difficult, especially if you are having a hard time working with your mortgage company. So how can you do it? What options do you have?

Sometimes getting a third party involved can be what is needed to have your mortgage company work with you. Getting an attorney is ideal since they have knowledge of the laws involved with the foreclosure process and how to best protect your interests. The mortgage company will also likely take an attorney more seriously than they will take you.

If you cannot get an attorney, the next best thing is getting advice from a third party about what to do in your situation. Talking to a HUD approved housing counselor could be just what you need to figure out how to deal with your mortgage company or to figure out a way around your mortgage company.

It is also a good idea to do some research to see what the foreclosure laws are in your state and what rights you have under those foreclosure laws. You do have some protection under those laws but you need to know what they are so that you can use them to your advantage.

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How to Stop Foreclosure Sale

admin — Thu, 25 Mar 2010 01:50:59 +0000

Finding a way to stop foreclosure sale on your home can be difficult, especially if you are having a hard time working with your mortgage company. So how can you do it? What options do you have?

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Finding Good Help with Foreclosure

admin — Tue, 23 Mar 2010 01:42:59 +0000

As soon as your home goes into foreclosure, there are a lot of people who will claim that they can help with foreclosure. The truth of it is that most of them are scams. There are people who claim to be investors, others who claim they can help negotiate a short sale with your lender, others who claim they can negotiate a refinance with your lender. Any of these will likely be scams. Many of them will ask for money upfront and some will claim to have negotiated a deal for you and ask you to send them a check.

You can get real help from HUD counselors, from state or local foreclosure hotlines, from workshops put on by local agencies, and from an attorney. Except for the attorney, all of these other services will be either free or very low cost. Paying for an hour of an attorney’s time so they can review your situation might well be worth it. They know the laws and can help you understand what your rights are.

Whenever someone says they can help you out of your situation, be sure to ask lots of questions, never sign anything you do not understand, and be sure that you know what you are paying for before you hand over a check to anyone.

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When You Should Not Stop Mortgage Foreclosure

admin — Fri, 19 Mar 2010 16:26:59 +0000

I know what you’re probably thinking; why would someone not want to stop mortgage foreclosure on their home? There are a lot of things that you need to take into consideration when you are facing foreclosure. And one of the most important questions is: can you afford the home at this time and will you be able to in the future? If you do not make enough money to be able to afford not only the mortgage payments but also the utilities and maintenance on the home, you need to seriously look at whether it makes sense for you to even try to stop the foreclosure process.

If you’ve been laid off, you might be able to work with your mortgage company to temporarily stop payments without any penalties. But if the prospect of you being able to find a job soon is not very good, then you need to look at if it is even worth it to save your home.

The truth of the matter is that you can find another place to live. Even with a foreclosure on your record, you can find somewhere to live. It might not be ideal and it might not be what you want to do but you need to consider the long-term financial consequences of your decision. How much is it worth to you to save your home from foreclosure? Is the price too high?

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