Understanding Your Options When In Foreclosure
Inside this report you will find 10 powerful strategies for stopping a foreclosure in 48 hours or less. We will discuss 7 options for keeping the home and 3 options when keeping the home is not possible. Be sure to read through each strategy to see which one best applies for you.
A foreclosure happens when you have gotten behind on your mortgage payments. If the situation has changed to where you now have enough money to bring the mortgage balance current and make up all of the back payments, then you are able to stop the foreclosure. Once the bank accepts the money that is owed to them, either to bring the mortgage current or to pay the loan off, the foreclosure is stopped immediately. If the full amount needed to bring the loan current isn’t available to be paid now you can work out either a repayment plan by increasing the monthly amount that you pay every month after paying a lump sum to the bank. Or you can work out a forbearance plan which is a formal written agreement between you and the bank that may reduce, suspend, or pause some of your monthly payments. When you do this the bank will setup a specific program for how the arrearage (back payments) is either paid or added to the end of the loan balance and term. The important thing to do throughout this process is to stay in contact with your lender and be honest with them about your situation. Always get any agreements or promises in writing. These options and others are discussed in more detail in the following pages.
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