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How to Stop Foreclosure Right This Second

Posted By admin || 23-Feb-2012

How to Stop Foreclosure Right This Second

How to Stop Foreclosure

It's finally happened. You missed a mortgage payment - and you are dreading the moment when you receive notification about foreclosure proceedings being taken against you. You feel like there's nothing else you can do to get you out of this sticky trap. Most likely if you are missing mortgage payments your other credit is suffering as well. The stress of not having enough money or credit to pay for all the late fees and penalties may make it seem like there is not a way to avoid a downward spiral into Foreclosure town.

Fortunately, you don't have to resign yourself to harassing lender phone calls and angry letters about foreclosure. If you want to stay in your home, there are multiple methods you can use to stop foreclosure right this second.

So what are you waiting for? Get ready to fight back against foreclosure !

Use The 90-Day Rule

As soon as you miss a mortgage payment, you have approximately 90 days to make up for the missed mortgage payment before your lender starts foreclosure proceedings against you. During this timeframe, it's crucial for you to call up your lender to talk to them about your mortgage. Let them know that your mortgage payments have become too much for you, and you'd like a new repayment plan.

Most lenders should try to work with you, as they do not want to go through the foreclosure process either (it takes up valuable time and resources). However, if you encounter a lender who does not want to work with you and you are adamant about keeping your home it may be time to consider other options. If the foreclosure process has already started the best option available may be bankruptcy.

File for Chapter 13 Bankruptcy

As soon as you file for a Chapter 13 bankruptcy , all foreclosure proceedings against you must stop. This is known as an automatic stay, and if any creditors try to collect on debts you owe, you can sue them for damages (asking your lenders for money - now that is a change!).

A Chapter 13 bankruptcy not only stops foreclosure, but it can allow you to keep your home. This is because the bankruptcy courts will re-arrange all of your debts into a new and more manageable repayment plan. This includes your mortgage and any foreclosure proceedings against you, which ensures that you and your family will remain in your home for the foreseeable future.

Categories: Foreclosures
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