Stop Foreclosure - Time is of the Essence

Several years ago when you purchased your home, facing foreclosure was probably the last thing from your mind. However, with the tough economic times that everyone seems to be facing, more and more people are at risk of losing their home. If you are one of these people, there are ways to stop mtg. foreclosure and get your payments back on schedule.
Though it happens rarely, if you are not able to make a payment, due to a legitimate reason such as a death, a drop in income or divorce, you may be given a grievance called debt forgiveness. Debt forgiveness is a way for the lender to waive your payment obligation and keep you current on your payments if you are not able to pay your house fee. Again, this does not happen often, but it is worth a shot when discussing options with your current home lender.
If your house payment is on an adjustable loan rate, there may be something you can do to help you with your impending foreclosure situation. With an adjustable rate, your lender has the option to possibly freeze your current interest rate before it increases. Your home lender may also be able to change your current rate to a lower and more affordable rate allowing you to get on top your current home debt problem in a reasonable way.
Some home lenders may give the option of a repayment plan if you are just one month behind on a house payment. Take for example, you have a $2400 monthly mortgage and you have missed that payment, making you $4800 currently behind in payment. With a repayment plan, your lender will be able to add $200 onto your current monthly house payment which will get you caught up on your payments by one year. This happens a little more frequently than the debt forgiveness option, but it is still rare. Ask your lender if this is an option that they would be willing to allow.
Lending companies are not the bad guys. They do not want to take anyone's home away from them. Talking to these companies you will see that they are willing to work with you to help stop mtg. foreclosure and to get you set back up on the right track.





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