Q&A: how can i stop foreclosure?

Question by ATH20RACING: how can i stop foreclosure?

Best answer:

Answer by HiddenBarb
Go to the bank and speak directly to the mortgage loan officer. Try to renegotiate your mortgage payments. You will impress the loan officer if you show your true desire to pay your bills.

If you don’t get anywhere with this person write to the president/ceo of the bank. Don’t let another business day pass without getting started on saving your home.

Good luck

What do you think? Answer below!

3 Comments/Reviews

  • Janet A says:

    You may be able to use Produce the Note Strategy, read more here:

    http://www.ehow.com/how_4790293_stop-foreclosure-using-produce-strategy.html

  • bderuiter says:

    Pay the delinquent amount .. that is the one and only way to guarantee that the foreclosure will be stopped. If the property is already in a foreclosure status be prepared to pay the full delinquent amount, all late charges and any/all fees that have been acquired by the bank because of the delinquent state of your loan. You can call your servicer, the Loss Mitigation department and request a Reinstatement figure to find out how much you would have to come up with.

    You can also call your servicer (again, the Loss Mitigation Dept) and attempt to pre-qualify for a workout. You will need to provide your income, expenses, paystubs, bank statements, etc. If they run your DTI’s (Debt to Income) and determine that you have a surplus that isn’t rediculous (meaning you can afford your current payment but choose not to) or are financially breaking even with your current payment you may pre-qualify for a Loan Modification or other type of assistance for your loan. If you can pre-qualify for something and the investor reviews your information and agrees the foreclosure proceedings will stop.

    On the flip side of this it can go either way. If you do not pre-qualify for assistance because your deficit is to great you’re going to back to option #1 – pay the delinquency and try to keep it up. My suggestion here would be to cut your expenses, try to get to a Break Even status and then try again.

    Good Luck.

  • ☼AstrologerJuliAnne☼ says:

    You need to call your lender and speak to the loss mitigation department. Do not hire some outside company that promises to modify your loan for you.

    Check out these forums for some info and help from others who face the same thing you do:

    http://www.loansafe.org/forum

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