How You Can Stop Foreclosure Yourself
There are several options for you to stop foreclosure. One option is to stop the foreclosure of your home, yourself.
The best way to begin the process of stopping foreclosure yourself is to learn everything you can regarding the foreclosure process and laws in the state you live in. Every state has specific foreclosure laws.
To learn about your state’s foreclosure laws you can visit:
United States Foreclosure Laws [click here]
Click on your state on the map and you will be presented with “state” Foreclosure Law Summary — Quick Facts. There is also a link to follow at the end of the summary that gives you even more information on your state’s foreclosure laws.
Depending on the situation as to why you are facing foreclosure, your next step may be to write a “Hardship Letter to Stop Foreclosure”
Basically, the “hardship letter” is written to your mortgage lender explaining in great detail as to why you are having a difficult time paying your monthly mortgage. You should be prepared to backup the explanation with documents proving your hardship, which may include your current income proof (copies of pay stubs, checking accounts), monthly bills (like the electric bill & other bills), etc.
For more information on writing a hardship letter to stop foreclosure [click here]
After the hardship letter is completed, sent & received, you and your mortgage lender may be able to work out a way for you to stop foreclosure proceedings. It depends on your mortgage lender’s policies and what your personal circumstances are at the time of the problems.
In general, there are several options that may be available. Again, the options depend on your personal situation. For instance, your mortgage lender may be able to lower your mortgage payment, yet extend the years to pay it off. Or, they may setup a repayment plan to pay any past due payments over a period of time, while making your current mortgage payment.
Whatever you decide to do — please do something right now! The sooner you begin, the better the chances are at stopping foreclosure.
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