Stop Mortgage Foreclosure

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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If you want to stop the sheriff sale on your home, you will need to figure out what that path looks like for you. There are important things you need to know like when the sale is scheduled for, what type of sale it will be – in your area it might not even be a sheriff sale - it might be an auction at the courthouse, and what legal options you have to stop the sale. You can get your mortgage company to do a continuance on the sale date. This basically means that they agree to delay it. If you are in the middle of a workout package with them, be sure that they have done this step.

Any path to stop the sheriff sale will likely involve working with your mortgage company. If you decide to hire an attorney to fight your mortgage company legally, be sure to understand on what grounds your legal case stands. If you do decide to work with your mortgage company, be sure to get everything spelled out in writing. If you can, have the agreement that you sign with them reviewed by an attorney before you sign it. It is important to protect your rights and to be sure that your lender is not trying to take advantage of your situation. If you do a loan modification refinance, this is especially important because you will have to abide by those new loan terms for the remainder of your loan. At a minimum, be sure to thoroughly read everything you are signing and ask questions if you need to of the mortgage company representative.

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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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