When a foreclosure notice arrives in your mailbox, it is one of the most shocking and devastating times that you can ever go through in your life. The notices appear to be without a warning, but deep down inside you probably expected it to come. There are decisions that must be made at this moment in time that can help stop foreclosure from happening. There are right ways and the wrong ways to avoid foreclosure. Knowing what not to do can help you avoid losing your home forever because of careless mistakes made during the start of the foreclosure process.
If you have fallen more than 3 payments behind on your mortgage, it is unlikely that your lender or bank will consider restructuring your mortgage. When your loan was first granted, an expert loan counselor made sure that you could repay the loan in the time period that was requested. Unless you have a severe financial hardship that can be documented, the chances of you striking a new deal with lower interest is very slim. Regardless of what your lender does or doesn’t offer, one of the worst things you can do is to do nothing.
Wrong Ways to Avoid Foreclosure
Never make partial payments. Why? Your mortgage agreement most likely has a subsection that gives banks and lenders the first right of refusal. This means that although you are wiling to show some good faith by making a payment the payment does not have to be accepted. This is just like skipping a payment. Banks and lenders want 100 percent of the payment in full and rarely if ever settle for a portion of the payment. This is especially true during the process to stop foreclosure.
Never argue with a lender about a date of sale. If your most recent foreclosure letter includes a date of sale, the decision was made after many failed attempts to bring your mortgage current have lapsed. Negotiating at this point is the wrong way to address a foreclosure notice. A date of sale is public notice that your property will be sold and you will be forced to vacate it. If you know what to do next, in most cases you can avoid the sale by your bank. Don’t let the wrong ways to avoid foreclosure cause more problems for you. You’ve already tried negotiating. Let a specialist takeover for you.
You Can Avoid Foreclosure Right Now
We are specialists at helping to stop foreclosure from ruining your credit and your life. Call us today at 1-800-589-4106. We are sympathetic to your situation because we care about you. It costs you nothing to make a toll free call. We could have the program or assistance you need to beat foreclosure once and for all.