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6 steps you need to avoid Foreclosure

Topic: Mortgage

If you are reading this, you are probably behind on your monthly mortgage payments and want to know how to avoid foreclosure. The only true way to avoid foreclosure is to pay your mortgage lender.

However, if you are having problems paying your monthly mortgage payment and are concerned about avoiding foreclosure, then you need to do the following things:

1. First, do not ignore the problem and figure it will go away. It won't, unless you catch up and stay current with your monthly mortgage payments. The further you get behind, the bigger the problem will become, and the more likely that you will face foreclosure.

2. Second, call or write your mortgage lender as soon as you realize that you have a problem in making your payments. Lenders are not in the real estate business and do not want your home. But they do want their loans paid, so most mortgage lenders will try to work with you. However, you need to understand that while most mortgage lenders will work with you, they are not required to. And some won't.

3. Third, be sure to open and respond to all mail from your mortgage lender. The initial letters will be demand letters wherein your mortgage lender is demanding payment. These letters will sometimes contain the contact information for someone at your mortgage lender's office who may be able to help you . Your not responding to or contacting your mortgage lender will only cause your file to be moved more quickly to the legal department for foreclosure.

4. Fourth, learn your legal rights. You may want to get out a copy of your mortgage or deed of trust and read it. There is a lot of legal ease that is difficult to understand and you may want to contact a lawyer licensed in your state to determine your legal rights. One point here is to contact several lawyers because their consultation fees will vary.

5. Fifth, learn what are your options. The only way of avoiding foreclosure is to pay your mortgage lender. However, you may have options on how to pay your lender.

6. Finally, if you are served with legal documents, go to a lawyer immediately. There are two points here. One, legal service may be made by mail or by anyone handing you the documents. Do not think that you have not been served legally because you were not served by a constable or a sheriff's deputy. Two, there are important time deadlines and you do not want to miss them by talking to a lawyer after the deadline or not giving your lawyer time to meet the deadline.

If you think that you may be facing foreclosure, you probably are. So take an actions and avoid it.

12/17/2007
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Don
First try and talk with the lender it is pisbosle that something can be worked out. Banks and other lender really do not like to do forecloures unless they have to.Second, if that does not work consider bankruptcy. See a lawyer if this is something that is workable and worthwile in your situation. Upon filing foreclosure procedures will be automaticaly stopped. And it is likely that you will be able to work out a reaffiration agreement which will satisfy the trustee and the mortagor. There is also the possibility, if your qualify, of a Chapter 13 bankruptcy, in which the mortgator will be forced to take payments that you can make.
read more... 03/28/2013

Weverton
stay dont pay save up. keep trying to get a job but also there is new govnrement assistance to help you stay out of foreclosure. talk to department of health and human services if it doesnt work at least you will have saved up for you next place. but go out and get a couple of part time jobs while you look for a job in your chosen feild its better to have some money coming in while you look get a temp job you can work full time normal hours just sucky pay ya know. if you can catch up on your own its for the best. but if not stop paying and work the rest out. hell when it goes into foreclosure offer them half what its worth and buy your own house back or offer it just b4 its expencive for a bank to foreclose you have a little leverage
read more... 05/02/2012

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