Due to various unforeseen circumstances, many homeowners are unable to keep up with their mortgage payments. Personal situations can also contribute to a homeowner’s financial distress and consequently affect their mortgage payments. After missing a payment, a countdown begins that lasts for only 120 days, after which your lender is authorized to initiate a foreclosure process according to the federal law. However, during these 120 days, your lender would contact you to discuss loss mitigation alternatives. Many of that information is embedded in the various notices that will be sent to you. The problem is that many homeowners ignore the notices sent and conclude their lenders just want their money. Although your lender wants their money, they will also try to avoid going through foreclosure and make solutions available to you.

To stop foreclosure and save your home, you must always make sure to check the notice sent to you y your lender. If there is anything unclear to you, you can always write a Qualified Written Request to your lender. The foreclosure process in Charlotte is judicial, and all process will go through the court. So how do you stop foreclosure in Charlotte?

Contact your lender

In case you’ve been ignoring their notice or calls, it’s to find out how they can help you. If you act early, your lender will process your request quicker, and that increases your chances of saving your home. Ask about the available loss mitigation alternatives that you can negotiate with them. Loss mitigation is a process by which you negotiate a settlement with your lender to prevent foreclosure. Not all options will fit your financial situation; take your time to carefully consider your options and discuss with your lawyer about it. Some loss mitigation alternatives include short sale, loan modification, refinancing, etc.

Reinstate your loan

You can also stop Charlotte’s foreclosure process by paying off your missed payments plus other charges, such as late fee charges. Provided you can get a lump sum amount; your lender will likely reinstate your loan. Contact your lender as soon as you are able to gather the money to find out how you can go about the process.