How Do I Stop Foreclosure?
Home Foreclosure and
How to Stop It
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Foreclosure- The very mention of the word "foreclosure" can make your blood run
cold, especially if you're in danger of it happening to you. Losing your home to
foreclosure is brutally hard and can be one of the worst things to befall a family.
What is foreclosure and how can you stop it from happening to you?

What is Foreclosure?
Foreclosure is a legal proceeding that happens when a borrower falls behind on their
mortgage payments. After the borrower has failed to pay their mortgage payment for
30 days, the borrower is normally said to be in default. It is the default condition that
triggers the foreclosure process. The lender does this because if they haven't
received their normal payment from you in 30 days, they assume that they may never
see one. In order to minimize risk to their assets and investors, the creditors begin
legal proceedings to recover their collateral, in this case, your home. So, in general
terms, foreclosure is a legal proceeding triggered by a default on a mortgage loan
whereby the lender seeks to recover the security on the loan.

How Can You Stop Foreclosure?
You do have some options to stop foreclosure. Your best option is to never let it get
that far. Your first step in this strategy is to contact your lender. Explain to them
exactly the circumstances that have caused you to default on the payment and the
steps you've made to rectify the situation. You will probably have to write a hardship
letter, detailing this.

In the past you could often head off foreclosure at the pass so to speak using this
strategy. Due to the financial situation that began in the spring of 2008, this is no
longer so easy. You may have to explore more advanced methods of stopping
foreclosure.

First of all there a few things you should realize about the foreclosure process:
  • You are not required to move from your home at any step in the process, until
    the foreclosure is actually complete. At that time you will be forced to move
    or the property owner (no longer you) is within their rights to have you
    forcibly removed by the county sheriff's office.
  • You will get a notice of impending foreclosure in the mail. In most cases it is
    required to be registered or certified.
  • Your lender will contact you in the majority of cases in an attempt to get a
    mortgage payment from you. However, after your mortgage is in default they
    may demand payment in full of the entire amount the mortgage is in arrears.


Other Options to Stop Foreclosure
You may be able to take advantage of a mortgage modification program. In such a
program the lender agrees to change, or modify, the terms of your mortgage, making
the payments more affordable. It's advantageous for the lender because they avoid
the expense of a foreclosure and keep another foreclosed property off their books.
Many lenders are in a situation where the added expense of carrying foreclosed
properties is no longer possible.

Modification is obviously a benefit to the homeowner because they can stay in their
home at much more attractive payment terms. Always read the fine print on such
arrangements to ensure there are no clauses that might come back to bite you later.
You can discover if you're eligible for such a program and how it can help you avoid
foreclosure by
clicking here now.

If you are in danger of having your home foreclosed upon, or if proceeding have
already begun, you should take a look at this. Developed by two former employees of
a major mortgage lender, they have tremendous experience working with
foreclosures, and more importantly, helping people avoid them. They are so
confident they can help you, they even offer a 100% money back guarantee.
See the How to Stop Foreclosure Guide -
Click Here
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