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Saturday, December 1, 2007

Stop Foreclosure - How To Avoid The Foreclosure Process

That's where this article comes into the picture. I will show you some of the most common (and effective) ways to stop foreclosure on a home mortgage, in hopes that it will help you avoid foreclosure if that kind of situation ever befalls you.

How to Avoid Mortgage Foreclosure

There are actually several ways you can stop home foreclosure before it happens. As we talk about the different ways to avoid foreclosure on a home, there's one thing you need to keep in mind. Mortgage lenders will usually want to avoid foreclosing on your home as much as you want to avoid it -- or nearly as much, anyway. Lenders are in the business of lending money, not managing and selling properties.

Keep that in mind when we discuss ways how you can avoid foreclosure of your home. Don't adopt an "us against them" mentality with regard to your lender. Because chances are, they want you to avoid foreclosure too!

1. Learn Your Foreclosure LawsThe first step to avoiding a mortgage foreclosure is to educate yourself on the foreclosure process in your state, and that includes the laws associated with foreclosures in your state. Once you understand these procedures and laws, you'll better understand how you can avoid foreclosure on your home.

2. Contact Your Lender ASAPRemember, your mortgage lender does not want your house. They want to keep their hands off it as much as possible, and would prefer to keep you making payments if possible. With the current spike in mortgage foreclosures in the U.S., many lenders are going out of their way to help homeowners avoid the foreclosure process. So it's a safe bet that your mortgage lender has payment options and plans that can help you stop foreclosure altogether. Contact them!

3. Talk to a HUD Housing CounselorSome of your tax dollars go toward the Department of Housing and Urban Development (HUD). So you might as well use their services whenever possible. Fortunately, HUD has a number of well-trained "housing counselors" spread throughout the country. Every day, these counselors help hundreds of homeowners like you avoid a home foreclosure process. And there's a good chance they can help you too. To find a HUD housing counselor near you, you can call their housing line at (800) 569-4287, or you can visit the state-by-state HUD directory available at the HUD website.

It's important to note that most of the HUD-approved housing counselors are free or cost very little. This is important because you want to put your money toward paying that mortgage -- you don't want to waste it by visiting a counselor who's going to charge a lot of money!

4. Review Your Mortgage "Workout" OptionsAre your financial problems temporary or permanent? If you are only having temporary problems, then you have more options for avoiding the foreclosure process. For example, talk to your lender about the following ways to stop foreclosure and get back on track:



  • Reinstatement: If your financial problems are temporary, and you think you'll be able to pay off the amount owed at a future date, then reinstatement might be a good way to stop foreclosure on your home. With this option, you and the lender agree on a future date in which you will pay off the amount owed (payments missed) as a lump sum.
  • Repayment Plans: This is another option that may help you avoid foreclosure altogether. Here, you and the lender agree on a payment plan that basically takes the money owed from missed payments and spreads it out over future payments. Thus, this is another option for you if your financial problems are only temporary.
  • Forbearance: This option is sometimes used in conjunction with the reinstatement option mentioned previously. Here, your mortgage lender lets you reduce or suspend payments for a period of time, after which another option will be used to bring the loan current (such as reinstatement).

"But what if my financial problems are more long-term? How can I stop and avoid foreclosure in that situation?"

The three foreclosure-avoidance options listed above are best suited for homeowners with only temporary financial problems. According to FHA.gov, here are some options for stopping foreclosure when your financial problems are long-term.

  • Modifying the Mortgage: If you can make payments on your loan, but don't have enough money to bring your account current or you can't afford your current payment, your lender may be able to change the terms of your original loan to make the payments more affordable. Your loan could be permanently changed in one or more of the following ways: (A) adding the missed payments to the existing loan balance, (B) changing the interest rate, sometimes even by converrting an adjustable rate mortgage into a fixed rate; and (C) extending the number of years allowed for repayment.
  • Partial Claim: If you have mortgage insurance (PMI) on your mortgage loan, you may be able to obtain a one-time, interest-free loan from the mortgage guarantor that would help you bring the loan current. Your lender may assist you with this process.

"But what if keeping my home is not an option? What can I do to stop foreclosure in that situation?"

All of the options mentioned previously are ways to avoid foreclosure while also keeping your home. If you simply cannot afford the mortgage any longer, will have to part with the home as a result, you still want to pay off that mortgage! Here are some ways to sell or transfer the home quickly in order to stop the foreclosure process.

  • Sale - Most mortgage lenders will agree to a specified period of time during which the homeowner (who can no longer afford to make payments) may try to sell the home. The key here is to find a real estate agent who specializes in pre-foreclosure quick sales, as you only have a limited time to sell the home before the lender moves forward with foreclosure.
  • Assumption - Your lender may also allow a qualified buyer to take of your mortgage loan. The end result of this process is the same as an outright sale in that somebody else takes on the mortgage, thus helping you stop foreclosure from going on your financial record.

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