How Do I Stop A Foreclosure On My Home? We Are Only 1 Payment Behind.?
December 15th, 2009 - ByPosted in Stopping Foreclsoure
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7 Responses to “How Do I Stop A Foreclosure On My Home? We Are Only 1 Payment Behind.?”
December 15th, 2009 at 6:28 pm
I can assure you, 1 payment behind you are not going to be “foreclosed”. Lenders will discuss with you a 3 month plan to help assist with payments for you to catch up.
There are laws governing intent to foreclose and the first notice you receive is “Notice of Default”. This informs you of a “default”, i.e., missed payment(s), in reference to your agreement with the lender. This is issued from the lender and requires a signature. Read this carefully because it will state a specific time frame you must answer. If you cannot make the additional payment simply tell them with a possible number of months you may be able to do so. Return “certified”, “return receipt requested”.
An attorney representing the lender, if they are truly considering foreclosure, will send a letter of “Intent to Foreclose”. This letter basically states make the payment(s) or you need to move immediately and your house is sold the first Tuesday the following month at auction.
If a representative from the lender is telling you they will foreclose talk to a manager. Always write the name(s) of everyone you talk to. Note what each told you as well. If you make any agreement you note what was discussed and tell them to send to you in writing. Do not feel like a “lost sole” with this, 42% of mortgage loans today are in “default”.
Good Luck, stay positive with this.
December 15th, 2009 at 10:58 pm
Yes that is true. Best to at least send what you can.
You can also set up a plan where they will stretch that payment over several months. But the house payments will go up temporarily.
December 16th, 2009 at 1:11 am
Call them and ask them to tack that payment on to your last payment, there may be a slight charge, but it will be no where near the note.
I can not believe tthey are trying to forclose on your home for one payment and they have not offered to tack that payment to the end.
December 16th, 2009 at 4:41 am
Your lender isn’t even thinking about foreclosing on you so you can relax. But if you need reassurance contact the Loss Mitigation dept at your mortgage company. They will look at your loan and tell you exactly how things work. Do not try to refinance if you are only one payment behind as it can cause you more stress to find out your rate would go up.
December 16th, 2009 at 7:38 am
The best way is to get caught up. You are running one month behind so more than likely your payment history is going to show 30 days late for every month since this started. Good luck.
December 16th, 2009 at 9:21 am
get caught up. when you are behind you are wasting interest…good luck
December 16th, 2009 at 2:54 pm
You’re not in foreclosure yet, so calm down. Talk to the mortgage company again and ask them if there is ANY WAY they can take the one payment your behind on and tack it to the end of your mortgage. If they say no, then keep making your monthly payments and as soon as you get your tax return (if you get one) make your one late payment.
If this is not an option and you missed one payment b/c you’re over your head with the mortgage, then you might want to look at selling your house for what you owe on it, that way you can save your credit and get out from under the large house payment.
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