If you are facing foreclosure and looking for ways to stop the process, you likely have many questions. This article is going to deal with the most commonly asked questions when a person is looking for ways to stop the foreclosure.
I have received a foreclosure notice. Is there anything I can do to stop it?
Yes, there are many options that will be available, but the longer you delay, the fewer solutions will be available to you.
I’m close to the foreclosure auction. Did I wait too long to get any help?
No. You may still have time to save your house; in fact, you have all the way until it is sold to the highest bidder at the auction. Depending on what state you live in you, may have the right to redemption, which means you can bid on your own house at the auction as long as you have the cash to pay for it, get out of foreclosure through a refinance, or sell the house and pay back the bank.
I keep getting mail from people that say they can help me get out of foreclosure. How did they get my address?
Your name and address is likely part of public information — when you are in foreclosure it can be published in your local newspaper.
A private financier contacted me and said they can help. What can they do?
Some of the financiers will be private mortgage people who will help you arrange a new home loan, even when you may have been turned down by other high risk lenders. Other investors that contact you may want to buy your house from you; these are the people you will want to watch out for, because they could be scamming you. Sometimes they will help you, other times they are just trying to make money and may make things worse for you. So make sure you do your research on a company before you work with them and never sign your deed over to anyone.
Can a mortgage negotiator help me?
Mortgage negotiators are people that may be quite skilled at negotiating a “repayment plan” with your lender. Some of these people will just try to be getting money from you and may not really be doing much that you couldn’t do for yourself. It is easy enough to set up a meeting with your lender and try to work out a repayment plan with them, without having to pay someone else to do that for you.
I keep getting calls from a Chapter 13 attorney that says they can help me stop the foreclosure — is this true?
If you do meet the financial qualifications to complete a chapter 13 plan, this can be a way to save your house. Just make sure you know everything there is to know about chapter 13 bankruptcy and talk to several people, before making a decision on if it is right for you. Filing a chapter 13 bankruptcy should be more of a last resort option, when trying to stop foreclosure.
There are so many options out there! How will I know which one is best for me?
This answer will depend on your assets, liabilities, income and expenses, along with the underlying reason to why the house went into foreclosure in the first place. These are questions you will want to write down, along with if your financial situation is just temporary and, if so, how long until it returns to normal. The best solution will also depend on what type of mortgage you have and where in the foreclosure process you actually are.
Hopefully this answered some of your foreclosure questions, but if you have more, feel free to leave a comment and I will answer them.
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