FAQ's Foreclosure

 

How Can I Stop The Foreclosure?

 

The best way to stop the foreclosure is to bring the loan current. To do that you would need to pay all delinquent amounts as well as the costs and fees incurred by the mortgage company to file and process the foreclosure.

Many borrowers are not able to bring the loan current and are forced to look at other alternatives to avoid foreclosure. Even if you are well into the foreclosure process, most lenders are willing to grant you additional time to remedy the situation if they believe it is reasonably likely they can avoid acquiring your property through foreclosure.

Among the alternatives the lender might be receptive to:

Get the property sold so you can save your equity.

If you don’t have equity, cooperate in a Short Sale and accept a discounted payoff as “full payment” on the loan.

A forbearance agreement in which you agree to both stay current on the loan going forward and to a schedule of repayment on delinquent amounts.

 

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