How To Save Your Home from Foreclosure

WikiHow has a primer on saving your home from foreclosure. If you find yourself unable to make payments…

3. Contact your lender immediately… Lenders generally don’t want to foreclose on properties, and they’ll generally be willing to work with you if you make a good-faith effort to make payments and if your inability to do so is temporary. You will most likely need to provide the lender with bank statements and other financial documents so that they can review your financial situation. They may agree to extend your grace period for late payments or to allow you to skip anywhere from 1-6 payments over a 1-2 year period (a forbearance). They might also accept reduced payments for up to 18 months. Bear in mind that these remedies are all temporary, and you’ll need to “play catch-up” once you’re back on your feet.

The advice holds true for most lending situations. The worst thing to do is to try and duck the debt or ignore correspondence. Even if they can only get a dollar out of you per week, creditors just need to be paid and are willing to work it out with you if you’re up front about the situation. — BEN POPKEN

How to Save Your Home from Foreclosure [WikiHow]
(Photo: Casey Serin)

Comments

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  1. djyox says:

    Good timing, I am in the market for a home!

  2. mad_oak says:

    Keep in mind most lenders treat a forebearance the same as a foreclosure when considering a mortgage application. Unless your home found itself in the path of a natural disaster, there are very few exceptions to this rule. That said, a forebearance beats the hell out of a foreclosure. Just keep in mind a forebearance is still a derogatory credit event, treat it as a last resort.

  3. Roosh says:

    haha that clown casey serin. probably sippin’ on jamba juice right now

  4. skittlbrau says:

    please use another home for sale photo than Casey Serin’s – he gamed the system and how he’s getting what’s coming to him. i hardly think he is representitive of the majority of americans facing forclosure.

  5. notlazyjustdontcare says:

    Can we go back to calling houses “houses” instead of “homes”? I find the latter to be an obfuscatory, realtor-speak euphemism for a word that needs no euphemism. What’s wrong with the word “house”?

  6. brazeisha80 says:

    Mortgage Education is what is needed to stop the current increase in mortgage delinquencies and lenders are starting to go back to stricter standards of lending. The Mortgage and housing industry has to self regulate itself before Government or so called expert reign in on the current situation. The Federal reserve needs to keep interest rates low and possibly go lower. Homeowners can go to http://www.haltyourforclosure.com to get a free 39 page brochure on how to avoid foreclosures and to educate themselves on what is available to help them solve their current problems of higher mortgage payments, inability to make their payments, late or delinquent or behind on their payments. Some people should sell their homes and others can stay but must show temporary hardship to qualify for certain programs which help the homeowner maintain their credit while playing catch up. Remember the lender does not want to own your property. The homeowner can restructure their mortgage, do a loan modification, Specialized forbearance, Certified lease back programs, short sale, Property Investor Referral and more options Prevent a foreclosure up to 3 days before the sale!