Foreclosure is a legal process which can take away your precious property out of your name due to the failure of paying monthly mortgage. Then foreclosure can only be filed by the bank or the lender in case the agreement regarding the payment is not fulfilled by the barrower. If the borrower has missed two to three consecutive payments, foreclosure will surely happen. You have to expect a notice of from the court about the foreclosure once you have missed these payments. The court will go ahead and will approve the foreclosure if you will not do anything to stop this foreclosure after the deadline of the notice.
If you will not take actions, the bank will surely take possession of your property and your home will be sold into a local property auction which is open for the public. No one will want their home in foreclosure. But if this situation will happen to you in the future, the best thing for you to do is delay the foreclosure. Here are five effective steps for you to delay the foreclosure process.
1. It is important for homeowners to behave well as foreclosure process take place. You will surely get extra time to move out of your property. If you will behave properly, you can think clearly on how you will stop or delay the foreclosure. Acting strangely and panicking will not do any good.
2. It is also important to contact the bank or the lender directly. Speak to the officer in charge of your foreclosure. If you will only do this promptly and wisely, you will obtain additional time from the bank to pay for your mortgage. There is larger possibility of a good agreement from the bank or your lender.
3. Right before you contact or gist your lender, make sure to have plan set inside your mind, this is your key to convince the lender that you are determine to pay and stop the foreclosure. Right determination and planning will surely save your home from future foreclosure. If there is any possible way for you to stop the foreclosure, you have to do it no matter what it takes. You have to plead for to the lender to give you a much lower rates or you even ask the lender to prolong the duration time of your payment.
4. You may also appeal for a court hearing to have an opportunity to explain the real condition which has caused the foreclosure. It is important for you to communicate your side to the court to be able to gain sympathy to them. It is normal for the court hearing to take 3 to 6 months right after you appeal with the help of your lawyer.
5. You can write a hardship letter. This is one of the most proven and recognized way to stop foreclosure process. By writing a hardship letter to your creditor, they will have an idea of your condition and they may consider having another agreement with you. To ensure affectivity of you letter you can hire a consultant which will write your letter.
This is your chance to modify things and turn into a positive outcome for you.
John Marvel, has been working on Bankownedproperties.org studying the foreclosures market, helping buyers on the finer points of bank owned properties. Try to visit Bankownedproperties.org and begin your bank owned homes search.
Call (951) 356-1323 today for a Free Consultation. If you are facing Foreclosure, Pre-Foreclosure, Auction or getting the run around on a Loan Modification, do not expect the bank to ‘work with you’. They will not.
California recently passed the Homeowners Bill of Rights giving you the upper hand in dealing with illegal actions by banks including mortgage fraud, dual tracking and mismanagement of your loan’s title and deed. If your mortgage loan was securitized by your lender (most loans since 2001 were), than the assignments of your mortgage, your title and your deed can be challenged, leading to immediate delay in foreclosure proceedings, allowing you to gain time and build a plan that allows you to keep your home. We might even be able to recover your home EVEN IF IT HAS ALREADY BEEN FORECLOSED OR AUCTIONED, and you have the ability to legally collect punitive damages!!!
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