≡ Menu

Stop Foreclosure: Educate Yourself

You need to stop foreclosure on the property that you own. What is happening and why is it happening? Foreclosure happens when you fall behind on your payments or mortgage to the bank or lender that you have borrowed from. Unlike a credit card or other personal loan, once you fall just one to two payments behind on your mortgage things begin to enter into foreclosure proceedings. You still have some time before they will completely take your home from you, but if you don’t stop foreclosure that’s exactly what will happen to you.

Paying Up

The one surefire way to stop foreclosure is to pay the amount that you owe on your mortgage or tax lien. If you are behind two payments, it will take those two payments plus any late fees or other charges to get caught up and to therefore stop foreclosure from happening on your home. This is often difficult for individuals that are behind because of a lack of funds. It’s even worse when you have no way of getting those funds to pay down your debts.

Yet, to the bank the only thing that will stop foreclosure is for you to either pay off the entire debt that you owe (most of the time the entire mortgage) or for you to become current on your monthly payments. If you can’t afford to make your monthly payments, selling the home may be the only solution to stop foreclosure. If you have other assets that may be able to be sold to make payments on your mortgage, this may also be an option. Most banks and financial experts warn against borrowing money either from family and friends or from borrowing against credit cards to pay down this debt because you may simply fall down this path again.

When you simply do not have the funds necessary to pay off your debt, you do have to sell your home to someone that is willing to purchase it quickly so that you can save your credit and legal proceedings. Selling your home may be a difficult decision, and if there’s any way that you can become current on your mortgage, that too should be a consideration of yours. If you don’t do this, though, chances are good that the foreclosure will continue to go through.

Comments on this entry are closed.