Ways to Stop a Foreclosure
You've missed a mortgage payment. Now comes the second month and you get a bill for two payments. Part way through the month you have the money for one payment, but the bill says you owe two so you do nothing. Think carefully before you fall into this trap. There will come a time when the bank will demand you pay all you owe them and they will take no less. Until the bank refuses to take your money consider making what payments you can.
This will show the bank you intend to pay them and show them efforts are being made. More importantly if over four months you made only two payments you may be only 60 days behind, while that may not make the bank happy, it may not meet their criteria to start a foreclosure.
Keeping in touch with the bank and making some payments can delay the start of foreclosure many months. Hopefully during that extra time you can solve the underlying problems and avoid ever having a foreclosure.
As you may know, a foreclosure is devastating to your credit rating and can affect it for 7 to 10 years. What's more, buying or even renting another home in that time period may be impossible for you. But, there is one more option where I may be able to help you personally.
Even if you can no longer afford your home, you can still protect your equity and keep a good credit rating.
Here's how:
Up until a few days before the bank forecloses on your property, you have the opportunity to stop that process by having someone purchase the property.
I may be willing to do this for you. I arrange creative, legal and ethical ways to buy property or assume mortgages from people who need help. I may even be able to let you stay in the house, depending on your situation.
The bottom line though is this; if your situation allows it, I can stop your foreclosure, and often put money BACK in your pocket so you can start over in a more affordable home.