Many people are finding themselves in the same situation. They are facing foreclosure, for what ever reason they were not able to pay their mortgage for 3 months straight . Take heart there is still things that you can do to stop your foreclosure fast.
You can put yourself under the protection of the federal government by filing for a chapter 13 bankruptcy. While you are under the federal government's protective umbrella creditors can not call or harass you about what you owe them. It must all stop! How soon? It happens immediately. In fact when they call, if tell them you just filed for bankruptcy, the only thing they can ask is for the name and phone number of your lawyer.
This is known as filing for chapter 13. Once you have filed the court gives you 30 days to come up with a plan to pay back your debtors including your mortgage company. If you don't file your plan in a timely manner, meaning 30 days, your filing is dismissed by the court and foreclosure, as well as, other debt collecting starts where it left off.
I have known people to use this technique to avoid bank foreclosure fast, they file, let time go by and then file again until the mortgage company declares that you are abusing the system. In essence you are abusing the system but sometimes that's hard to care about when it's your family facing the streets.
People who use this to avoid bank foreclosure only buy time. Time is good if you need to save money to move or to find another place. Time is also good if you have some way to get a lump sum of money, or to gather funds from other places to give the mortgage company. This would relieve you of a lot of problems.
Facing foreclosure, in the first place, has wrecked your credit rating. This method won't make it worst. Using this method to avoid bank foreclosure has no effect on your credit report . Remember you only began the filing process for chapter 13, you did not complete the filing.
Don't wait until you actually face bank foreclosure before you learn about your options. Foreclosure can be more costly than your home.
Can I Stop Foreclosure
It is not as difficult or as scary as you think it is to get foreclosure stopped. Obviously people who have to get foreclosure stopped have gotten themselves into some problems but that doesn't mean that there is now way to stop what is happening.
You simply need to go from ignoring what is happening to taking control of your life and working hard to stop the foreclosure so you can keep your home.
If you need to know how to stop foreclosure then you have obviously received a notice of default from your bank. This is the banks way of letting you know that there is a problem. When they send you the notice you will have some time to work out a solution before they foreclose on your home.
After you have received your notice of foreclosure you do not want to make the mistake of thinking that the bank is doing nothing. The bank has started the legal foreclosure process and the only way you can stop it is to work out a way to fix the problem with the bank.
You have to start with your bank when you want to stop foreclosure. You want to call them immediately, explain your situation to them briefly and ask to speak to someone in their loss prevention department.
They will put you into contact with the right person or department. Believe it or not, banks don't want to foreclose, this is not their first choice for a solution. However, if you don't contact them to work out a solution then you can believe that they will foreclose your home.
So contact your bank to set up a payment plan with them that will work out what you owe while still being able to keep you current with your upcoming mortgage payments. You have to truthfully provide the bank with all of the information that they ask for.
If you don't do this then it will interfere with you being able to stop foreclosure. You being able to get the foreclosure stopped will all depend on you contacting the bank, how willing and able you are to pay what you owe and your ability to follow through with your promises.
Being able to stop foreclosure is not impossible but you can't just sit around and wait for the problem to go away. If you are not in a position to get the foreclosure stopped by paying the missing mortgage payments then you may want to consider selling your home.
This is another solution to stopping the foreclosure on your home. Everyone has options when it comes to foreclosure but only if you act immediately and find a solution with your bank.
Both G.grizzell & James Redmond are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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