Posted on: 22nd Nov, 2011 10:09 pm
I am already delinquent on my mortgage payment for more than 4 months. I know I’m staring at foreclosure now. I want to know the possible ways to prevent it if it comes on me?
Hi Jeree,
You should contact your lender immediately if you want to stop the process of foreclosure. Once the lender initiates the foreclosure process, it will become difficult for you to stop the process. You should contact your lender and apply for the option of loan modification if you want to save the property. If the lender considers your request, then he will give you a repayment plan so that you can pay off the loan in an affordable manner.
Take care
You should contact your lender immediately if you want to stop the process of foreclosure. Once the lender initiates the foreclosure process, it will become difficult for you to stop the process. You should contact your lender and apply for the option of loan modification if you want to save the property. If the lender considers your request, then he will give you a repayment plan so that you can pay off the loan in an affordable manner.
Take care
Hi Jeree!
Welcome to forums!
If you don't want to save your property and want to get rid of it, then you can contact your lender and apply for a deed in lieu of foreclosure. This will not only help you in getting rid of the property but you won't be liable for paying the deficient balance resulting from the property sale even.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If you don't want to save your property and want to get rid of it, then you can contact your lender and apply for a deed in lieu of foreclosure. This will not only help you in getting rid of the property but you won't be liable for paying the deficient balance resulting from the property sale even.
Feel free to ask if you've further queries.
Sussane