Posts Tagged ‘How to Avoid Foreclosure’
Partial Mortgage Payments to Prevent Foreclosure
November 12th, 2010
Question: Is it true that you can pay partial mortgage payments while your house is up for sale to prevent foreclosure?
I had someone tell me that I should be able to make partial mortgage payments and send my mortgage company a "hardship" letter to keep them from foreclosing on my house while I have it on the market trying to sell. Does anyone know much about this process? My mortgage company is the horrendous EMC Mortgage Co. - it doesn't get much worse than them.
Answer: You need to call your lender and ask them. Some lenders will accept partial mortgage payments and work with you.
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Posted in Ways to Avoid Foreclosure | 
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What to do to Prevent Foreclosure?
November 10th, 2010
Question: I have missed three payments of my house mortgage, what can I do to prevent it from going to foreclosure?
What are the rules to prevent foreclosure?
Answer: The only way to really stop foreclosure (if you are in foreclosure already) or prevent foreclosure if you are close to being in one is to make the payments. No bank really wants to foreclose and many are dragging their feet on tossing deadbeats out into the street. You're in luck there and maybe by calling the bank and working out a plan they will not have to put your file into their non performing pile. Offer to make at least 1/2 of the arrearage up immediately and they will know you are serious. Read the rest of this entry »
Posted in Ways to Avoid Foreclosure |
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Good Ways to Prevent Foreclosure
November 8th, 2010
Question: Need help on a good way to prevent foreclosure?
I have a friend who has lived in her current home for over four years and was sold a Power Option loan, but was told it was an Interest Only loan. They are pretty much backwards on their mortgage and in major credit card/ car loan debt. I just found out that they will be losing their home to foreclosure at the end of the month, and they will file bankruptcy.
Is there a way we can help to keep their home from foreclosing? Any help, or tips is wonderful!
Answer: Bankruptcy should be a last resort. There are many ways to stall foreclosures or even have them thrown out. For example... Simply filing the intent of filing bankruptcy will stall the foreclosure for at least 30-60 days if not more. There are many other things that can be done as well... too many to list here. Check out some books on how to prevent foreclosure.
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