A Plan to Stop Foreclosure Now

“If you want to stop foreclosure now, you need to write down a plan. Don’t worry, I am going to provide you with the answers, all you have to do is take action now”

 By Harry Faulkner

If you want to stop foreclosure now you will need to come up with some money.  You must be able to apply to the deficiency balance you owe something.  This is often called a contribution amount of money or known as a good faith payment. This should be close to around 35% or 50% of what you owe the bank on your home monthly payments to become current.

The lender will want you to come up with some type of money to stop foreclosure now so you can bring the loan current quicker and prove to them you are serious.  The bank also needs to use this as a penalty to you for getting behind on your loan. This is standard practice because they feel people would get behind on their payments all of the time if they didn’t have to pay a large penalty payment.

You will need to provide documentation of your current financial situation if you want to stop foreclosure now.  This will allow you to prove to the lender you can afford to make the monthly payments.  You have to be honest and you cannot make changes.  This should show your income versus your expenses, highlighting your ability to make your monthly payments.

The last thing you can do to stop foreclosure now is to write up a letter why you are behind.  This needs to be well developed and documented.  This is known as a hardship letter.  The bank wants to know why you are behind.  You might be going through a divorce and have lost one person's monthly income.  You might have lost your job, had a death in the family, or any other reason that caused you to be in a bad financial situation.  The bank needs to know these things in order to consider working with you.  When you give the bank a solid reason why and write a letter it shows them you are serious about stopping foreclosure.

Most lenders will work with people who want to stop foreclosure now.  Lenders will consider a loan modification which will allow the amount of money you are behind to be added onto the lifetime of the loan.  They will offer a deferment, forbearance, or other types of plans.  If you want to stop foreclosure you must prove to the bank you want to and that you are serious about catching up on the payments of your home.

If you want to stop foreclosure now you must stay in touch with your lender.  You should have some type of a good faith payment to give to the lender.  It is important to write a letter about your hardship and prove to them that you can financially make the payments but you couldn’t due to a bad situation.  This will allow you to remain in the home.

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