After missing 3 to 6 months of mortgage payments, foreclosure is inevitable. Your lender is required to keep our update on your account’s state and send you a notice of delinquent anytime you miss a payment. By the federal law, they are also required to suggest loss mitigation options to you and help you get back on track with your payment. However, for one reason or the other, you missed those opportunities and are now facing foreclosure. Do not panic; you can still stop foreclosure. Even when a foreclosure sale date is very near, you can still save your home. Many things can lead to homeowners having financial difficulties, some of which are divorce, job loss, medical emergencies, etc. However, losing your home will only make your financial situations more difficult, and foreclosure will also damage your credit score. So what are the alternatives you can try out to stop a foreclosure sale?
- Mortgage forbearance
Contact your lender to explain your financial difficulties to them and how you plan to get back on track with your mortgage payments. You can do this by writing a hardship letter or visiting in person. Make sure to let them know of your willingness to keep your home. Depending on your situation, your lender can agree to suspend your monthly payment till you can make a regular payment.
- Mortgage reinstatement
Perhaps your financial difficulties are over, and you wish to stop the foreclosure by paying up your missed payments. Contact your lender to let them know of your intentions, and your loan can be reinstated. Most lenders will not grant this request if you’ve wasted a lot of time and the foreclosure sale date is near. Take action as soon as you can if you have a lump sum amount to use to stop foreclosure.
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