Stop Mortgage Foreclosure

Your rights in foreclosure are somewhat limited by the state that you live in and how the foreclosure process works in your state. So one of the most important things that you can do when you are in the midst of foreclosure is to find out what exactly your rights are. Only once you know what they are can you do something about them.

These rights can help you determine what legal actions you can take to save your home. Even if your mortgage company will not work with you, there may be legal documentation that you can file to try to save your home. There may be a right to cure or a right to redeem in your state. If there is a right to cure, it means that you have the right to come up with all of the back payments and fees that you currently owe your mortgage company before the scheduled sale date. If there is a right to redeem, it means you have the right to come up with the entire loan balance and fees due the mortgage company. There are timelines involved with these so be sure to understand what those timelines are so that you have the best chance to save your home.

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Getting a loan modification is not as difficult as you might think. And despite what some will tell you, it is not necessary to hire someone to work with your bank in a loan modification procedure. Many mortgage companies will work with you on this if you are in the middle of foreclosure. But you will need to provide them with proof of your financial difficulty. So what are some of the things your mortgage company might ask for?

• Current financial documents (paystubs or profit and loss information if you own your own business)
• Most recent three years of tax returns
• Current bill and payment information
• Hardship letter with reasons why you are late on your payments

Some banks have certain financial and hardship criteria that you must meet before they will consider you for a loan modification. If you can, try to get these criteria before submitting paperwork to them. There is no point in you tracking down a lot of financial information if your situation is not even going to be considered anyway.

Also be sure that you understand exactly what the specific paperwork requirements of your mortgage company are before submitting anything. It is best to submit everything to them all in one package so that all of your information stays together. Be sure to keep a copy of what you sent just in case they lose it.

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There are many different types of foreclosure help out there. So how do you learn what is out there that can help you? Unfortunately foreclosure help does not usually show up at your door. You typically have to go look for it. But beware of the help that is out there. Much of it is people who want to take advantage of your situation.

One thing that you should know is that help with foreclosure should never cost you money upfront. The only exception to this is if you decide to get an attorney. Lawyers typically require an upfront prepayment called a retainer in order to take your case. There should be no one else that you have to pay upfront to help you.

One of the easiest ways to get help is through a foreclosure hotline. Your state may have a foreclosure hotline and if they do not, there are national hotlines available. If you do an internet search for foreclosure hotline, a list of results for both local and national help should show up that can help you. The foreclosure counselors on these hotlines should be able to help you understand what your situation is, what local resources can help you, and what your next steps should be.

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It may feel like your options to stop mortgage foreclosure are limited when you are in the middle of foreclosure. Unfortunately, that is the truth. Because unless your mortgage company has done something illegal, you will likely have to work with them in order to stop foreclosure. So how do you do that?

The first thing that you need to understand is that you are a number to them. You are a mortgage number and a loan amount. So be prepared to tell your story several times to several people. You might want to even write yourself a brief script of a few sentences so that you have an idea of what to say each time. You will also need to be persistent. You will have to call them and then call them again and again. Be polite and be sure to always leave your mortgage number, name, and phone number on every message you leave. If your call is urgent because of an upcoming deadline, let them know that. Do not lose your tempter with them. They are just doing their job.

Be honest with them about what your financial situation is. If you have had a recent major financial event in your life, tell them that. It may be what qualifies you for a workout package with them.

Be prepared to fill out a lot of paperwork and to provide them with detailed financial records. Have your most recent three years of tax returns ready and several months of your current financial records.

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That really depends on your situation. If you want to save your home, you will need to go looking in one direction. If you are not interested in saving your home or cannot save it, there is a different direction entirely that you should go down.

If you are looking at trying to keep your home, look for foreclosure resources in your area to help you stop foreclosure sale on you home. Why local? Because foreclosure works differently in every state and only local resources will be able to help you understand what your timeline is and what likely options you have open to you. Local HUD resources, foreclosure classes in your area, or a local hotline number are good places to get help.

If you do not want to save your home or cannot, selling your house will likely be your best option. If you bought your home several years ago, you may be lucky enough to be able to sell your house without a loss. If you are in the same boat as most people today, your home is worth less than what you paid for it a few years ago. In that case, you need to talk to your lender about doing a short sale and you need to find a realtor who understands short sales.

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What you do not know can hurt you. It can also mean the difference between saving your home and not.

What you need to know about your foreclosure rights depends on what your situation is. If you want to save your home, you need to inform yourself about what avenues are available for you to do that. Is there a right to cure process in your area (the right to get your loan payments current)? Is there a right of redemption in your state (the right to pay off the entire balance of your loan)? Is there judicial or non-judicial foreclosure in your area? You have the right to respond to any judicial procedures that your mortgage company starts. You also have the right to be present at any court dates set.

If you are not interested in saving your home or have come to the conclusion that you cannot, then your best bet is to focus your energy on finding out about what the eviction process looks like in your area. How long can you stay in the home? When can you be legally evicted? Who has the legal authority to evict you? Be sure to understand the answers to these questions so that you know how much time you have to find a new place to live.

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How do you find out what the foreclosure procedure is in your state? Why do you even need to know?

Every state is different when it comes to foreclosure. You have to understand how it works in your state if you want to stop it. There are different laws and different timelines for each state that govern how foreclosure works and how quickly it happens.

So where can you find out that information? There are many different sites on the internet that discuss foreclosure timelines and procedures for each state. The thing that you must remember about these sites is that they are mostly privately owned and only as good as how often they are maintained. While these sties are a good starting point, you need to be sure to verify this information against a credible source like your state’s foreclosure web pages. If you cannot find it on your state’s website, then try calling the appropriate department at your state’s government offices.

You certainly do not want to view the foreclosure timeline for your state on some random website and base your plan to stop foreclosure on that timeline. You need to verify anything that you find on the internet against a credible source.

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Help is not hard to come by when you are in the middle of foreclosure. But getting the right kind of foreclosing assistance is the key, not just any kind of help. There will be many people that offer you help. Unfortunately, most of them will want to be paid upfront by you for the help that they offer to you. So they get paid before you even know if what they are doing for you is going to work to save your home or not.

The good news is that there is plenty of free help available out there. There are foreclosure hotlines that you can call, HUD counselors that you can meet with, classes that you can take. Be sure to find out what resources there are in your area to help you. There are also national resources available to you so even if there is not somewhere you can go in your immediate area, there is at least someone that you can call to get the help that you need.

And do not rule out your mortgage company. You may find someone there who truly wants to help you through this process. Call them and find out what kind of help they can offer you.

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Losing your home can be one of the most devastating experiences of your life . . .  if you let it be. No matter what your foreclosure experience may be and no matter what the outcome is, the trick of it is to find the gift in it.

There is a gift in every experience of our lives, even foreclosure. For me, there were many gifts that I got out of my foreclosure experience. I gained a better understanding and better appreciation of money. I learned how to manage my money better and how to differentiate wants from needs. I gained a better appreciation of my family and spent more quality time with them. I learned to appreciate the little things like the smell of a flower, the warmth of a summer day, the crunch of leaves under my feet in autumn. I learned how to have fun without spending any money. I learned that the most wonderful things in life really are free. I learned what to truly value.

I know how difficult it is to be in a situation where you are losing your home. Even though it is hard, look for things to appreciate.

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Loan modifications are one of the best ways and one of the most common ways to avoid foreclosure on your home. This can take the form of a refinance, an extended repayment term on your loan, or other workout packages that your lender can offer you.

So what are the loan modification procedures that you need to know about? The process involves working with your bank to come up with new loan terms so that you get loan payments that you can realistically afford. There will be a lot of paperwork that you will need to provide your bank. The first part of it will be hardship paperwork. You will need to prove to them that you are undergoing some sort of financial hardship. You will also need to sign workout paperwork and possibly even documents for a new loan if your loan ends up getting refinanced.

If there is anything in the paperwork that you do not understand or do not know how to fill out, contact your lender and see if they can walk you through the paperwork. It is important that you understand what they need from you and that you truly understand what it is that you are signing.

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