Losing your home to foreclosure can be a tragic thing. If you are facing this predicament, you can stop foreclosure now by discussing options with your current home lender about different routes you can go to keep your home loan secure and safe in your care.
When a lender approves your home loan, they do it on the premise that you will not be delinquent on your payments and that you have a reliable monthly income that contributes to your home loan. Extenuating circumstances; however, to occur. These times are job loss, divorce, medical emergencies, and excessive debt not there at the time of the original loan, or the inability to make your payment due to an increased rate on your adjustable loan. All of these circumstances can lead to foreclosure proceedings.
Avoiding phone calls and letters from your lender gives off the impression to them that you are unwilling to negotiate a way to get on top of your loan payments and stop your foreclosure. If you have already missed one of your home payments and have not responded to any of the lenders attempts to contact you for payment, it is most likely that your lender has already started foreclosure proceedings on your home.
The best thing that you can do is get in touch with your lender before a Notice of Default has been ordered against your home. Lenders file this notice to protect their interests. If you know that you will be late on your upcoming payment, or if you have already missed one month, contact your lender as soon as possible to see if you can halt them filing the default notice.
Occasionally, your lender will give you extra time to make up your payment. Often times, this will give the homeowner enough time to gather up the proper funding and get caught up with a payment. If you have never been delinquent on a payment before, most lenders will be lenient enough to offer this extra time if you are willing to pay as much as you can when the payment is originally due. Discussing these options with your home lender will help you stop foreclosure now and get you caught up and keep you caught up so you do not have to deal with a foreclosure situation again.
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