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Saturday, January 3rd, 2009 at 5:30 pm

Seven Ways to Stop Foreclosure

This article will teach you ways to stop foreclosure in order to keep your home. Following are seven ways to bring your loan current:

Reinstatement – Pay back everything owed, bringing the loan current. You cannot work out a payment plan. The entire amount must be paid in one lump sum.

Repayment Plan – The lender allows you to work out a payment plan with them and you make payments that are larger than your usual monthly payment. The excess money goes towards the balance that you are behind. Most lenders will work out repayment plans of 3-6 months or 12-15 months if you need more time.

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Forbearance – This program is for people whose financial problems are going to be for a short period of time. It allow for a smaller mortgage payment for a specific period of time. When this period is over, you are expected to bring the loan current with a reinstatement or repayment plan.

Loan Modification – This occurs when the lender changes the terms of the loan to bring it current. You can get a lower payment if you have had a reduction of income. It also allows you to move the money you are behind to the end of the loan. When you do this, you just make the regular monthly payment.

Partial Claim – If you have an FHA loan and fall behind on your payments, you may qualify for an interest-free loan from the government. This loan is used to bring your mortgage current. With this type of program, you do not have to make a monthly payment. You pay it off when you sell or refinance the property.

Refinance – There are many restrictions to getting a new loan. You become a greater risk to the lender as you fall further and further behind on your loan. Your monthly payment may be higher than the one you had before.

Bankruptcy – This should only be considered as a last resort because it can affect your credit for many years. A Chapter 7 bankruptcy only stops the process for 30-40 days. With a Chapter 13 bankruptcy, your lender may be forced to accept payments on the amount you are behind. You still have to make your regular monthly payment. Be sure to get qualified legal advice.

Most lenders do not want to foreclose on your home. They are not in the real estate business. They are in the business of lending money. It is very important to take action as soon as possible by contacting your lender and working out a program that best fits your situation.

Seven Ways to Stop Foreclosure
Real Estate Investing

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By John P. Myers
Published: 4/14/2008

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