How To Begin to Stop Foreclosure:
1. Talk To Your Bank.
First thing to do when you're in foreclosure is stay in contact constantly with your bank. Banks may want to avoid foreclosure too! Many are holding more properties now than they want to. Ask if they will help you work out your loan, or re-age your loan. It's unlikely that your mortgage lender will reduce what is owed, but at least you can begin talking about options.
2. Call Your State Housing Dept.
Many states offer plans to give you a loan to be able to bring your mortgage current to avoid foreclosure. The details vary from state to state, but check and see what's available before you give up on your home.
You Can Stop Foreclosure
You feel helpless; you feel like your home is going to be lost and where will you go? Foreclosure is one of the most difficult events you may ever have to go through - or do you? You have options, you have rights - there are a variety of things you can do today to stop foreclosure, or avoid foreclosure altogether.
You can contact a lawyer, but be aware that bankruptcy foreclosure can still happen, you may not stop foreclosure; a bank can sometimes sell your house with the approval of the bankruptcy court if there are no assets to pay back the mortgage loan. It's a tough situation, but calling a lawyer may be necessary to stop proceedings on the foreclosure. However, you don't need a lawyer right away, and there may be state representation in your foreclosure proceedings available if you meet certain income requirements. If you don't understand how the foreclosure process works, talking to a lawyer can help you better understand your rights in foreclosure.
