How to Stop Foreclosure
Of course you don’t want to have a foreclosure property at all. You want to make sure that you are making your mortgage payments on time and everything will be fine. However, sometimes in life there are things that you just can’t help, and so if you do end up having problems paying your mortgage and start getting letters from your lender, there are a few things you are going to want to know to stop foreclosure.
Open and Respond to All Mail From Your Lender
One of the most important things to do to stop foreclosure but one that many people do not do, is open and respond to all mail from their lender. This is very important, because you want them to know that you have received their mail and that you are not avoiding them.
Throwing out the mail or just leaving it sitting on your countertop is not going to make the problem go away, and will in fact only make it worse. The best idea to stop foreclosure is to contact your lender immediately, as soon as you first start getting mail from them, and let them know what is going on.
This may be the last thing that you feel like doing, but if you want to stop foreclosure this is something that you are just going to have to do. Not only is it polite, but it will show them that you are not just ignoring the problem and that you are willing to come to some sort of an agreement and pay off what you owe.
Know Your Rights
You need to be aware of your rights if you want to stop foreclosure. Make sure that you are aware of everything listed in the documents, and read them so that you know what your lender can do if you are not able to make your payments. Learn about the foreclosure laws and timeframes in your state by contacting the State Government Housing Office.
Know that there are many ways to stop your house from being foreclosed, even after you have started receiving mail telling you about it. Of course the best idea here is going to be prevention altogether, and so do whatever you can to ensure that you do not get foreclosure notices to begin with, and this means making your mortgage payments on time. Your mortgage bill should be one of the most important, so do everything you can to get them paid on time.