What to do about Bank Foreclosure Delays?
July 14th, 2009
When your bank sends you a notice of foreclosure, you still have time. Usually you can work out a deal with your bank to delay foreclosure while you look for solutions to your problems.
What to do about Bank Foreclosure Delays?
If your bank has not filed for foreclosure, then you should contact your bank and ask them for more time to catch up on your mortgage payments. This is an effective delay strategy especially early on when you just defaulted on your payments and the bank is just adding interests, fees, and penalties to your mortgage bills.
However, when you are many months behind, calling the bank and asking for more time will not help too much. If the bank is nice, they might extend a grace period further but most banks will start the foreclosure process.
If you want to make sure that you have explored all the options, you can get a free foreclosure consultation below. Many times, you won’t have to negotiate with your bank yourself especially if they are not cooperating, the foreclosure help service below can even negotiate with your bank to lower your interest payments.
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Do not ignore the lender!
Some people think that by ignoring the lender, they are actually delaying foreclosure. While this may be true of some lenders (some lenders send your account to collection before starting the foreclosure process) that you don’t owe much money, more lenders would file foreclosure on your home faster if you ignore them.
Communication is key. The question is are you the one communicating? or is it better to have a professional communicate on your behalf. Sometimes you should communicate through a realtor or a real estate investor in the case of a short sale foreclosure, see What is the Definition of Short Sale Foreclosure.
Facing Foreclosure Alone is always tough. You've got to stay in the loop! So in case you're new here, you may want to subscribe to the Prevent Foreclosures RSS feed. It will keep you up to date with the latest resources and tactics on how to prevent your foreclosure from happening.
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