To stop foreclosure on a mortgage that you have, it’s imperative to consider the long term as well as the short term. Not everyone can actually get caught up on their monthly payments, especially when they fall several months behind. For most, the mortgage payment is a large portion of their income, doubling that payment to make up for a missed payment simply just can’t happen. One way that you can get caught up and to stop foreclosure is by taking a close look at your mortgage.
Mortgage Options That May Help To Stop Foreclosure
One way to stop foreclosure from happening is to consider having your mortgage restructured. This would mean working with your lender first and foremost. If you haven’t talked to them yet about your problems with making your payments do so as soon as possible. You need to know exactly what is happening so that you can be sure to keep from entering foreclosure. Even if you are there right now, you can still find solutions.
In restructuring the loan, several things can happen that could benefit you. First, if you know that you’ll be able to make your current payments again, once you are caught up, then the lender may agree to add the existing past due amount to the end of your mortgage term, which does mean you’ll have to pay more interest on it over the time of your loan.
For those that know that they can’t make the same payments, all is not lost. Contact your lender and find out if they can refinance your home. By re-extending the terms of your loan to their original (or even longer) terms, the monthly payment can be brought down, depending on how much you owe on that loan still. The good news is that this can be a great way to actually avoid foreclosure altogether if you just talk to your lender about it beforehand.
To stop foreclosure, you need to talk with and work with your bank or lender that holds your mortgage. They can offer solutions to avoiding the process. Remember, they don’t want to take your home through foreclosure because that means that they will end up losing money in the end. They are probably more than willing to work with you on the process.