How to Stop Foreclosure

How we Stop Foreclosure

Foreclosure is a procedure whereby property pledged as security for a debt is sold to pay the debt in event of default payments or terms. Unfortunately, your mortgage company will not tell you how to stop foreclosure and continue with the foreclosure process.  It is up to the homeowner to contact the lender or use a third party to contact the lender to discuss possible a plan and provide the lender with required documentation to stop foreclosure. Although your mortgage company does not want to foreclose, the lender will not set up plans for homeowners that have had broken promises or those they do not feel with follow through on programs.Third party mediation is a vital key to Stopping Foreclosure. Although the mortgage company does not want your home they will make business decisions that will directly affect the outcome of your foreclosure. You need a company that not only says they can help stop foreclosure but actually have experience. Our negotiators worked for lenders in the past and we will be able to get you the best loss mitigation plan for you. We will negotiate a plan that will be analysed by our negotiators and presented to your mortgage company so we must be sure we have accurate information to present the case and create a plan that will save your home from foreclosure. There is no other company that has the experience  in the lender loss mitigation and we will develop a plan for you to Stop the Foreclosure that is proven successful.

Proven Plan for Stopping Foreclosure

1. You may required to pay some money once we negotiate for you that will go toward attorneys fees, loan modification fees, and past due balance. Your mortgage company refers to this as the “Contribution”. Worse case scenario can be somewhere around 30%-50% of the past due balance to get current. When we negotiate we have actually been able to capitalize (roll into the loan) the entire past due balance even the Loan Modification fee. Although, sometimes which is not that frequent, we have had a contribution requirement around 20%-30%. Your lender usually requires a contribution of some sort, some reasons listed below:

• To bring the loan current
• To pay the attorney fees because they are considered a corporate expense (actual money a lender pays out)
• As proof the the lender that you really want to save your house. Many times a lender will say the homeowner has not paid a payment for x amounts of months where is the money. This is a good faith payment and a requirement depending on the investor of your loan.
• Remember! we were on the other side of the phone as a negotiator with the lender, there is no better experience than we have.

2. You will be required to send in bank statements, paycheck stubs (proof of income) or P&Ls, Profit and Loss Statement if self employed, “Hardship Letter“, tax returns for the last 2 years and a financial sheet income verses expenses. All of the required documents need to be filled out properly or can be determined that you are not a candidate for a program to save your home.  This can be tricky and you need to position yourself properly and once your package is submitted it is very difficult if not impossible to change. Our program works with you to set you up to get the best possible workout available with the best possible outcome to stop foreclosure. Do not set yourself up for failure because your lender will.
3. As discussed earlier we mentioned the the Hardship Letter this letter is an explanation to the mortgage company how and why you fell behind in payments. To increase your chances to get a loan modification or workout you we discuss how to properly write the “Hardship Letter” and give supporting documents if available. The hardship letter must be honest and appeal to your lender you had a hardship but you are able to afford your payments now. It will also state you want to stop the foreclosure and you are deserving another chance. Today most lenders if in an adjustable rate mortgage will allow a Loan Modification but some investors do not allow if not then a Forbearance followed by a Repayment Plan these will help to quickly bring the loan current. We will personalize a proven strategy to stop foreclosure that is based on the way we present your finances. You can go this alone but as a third party that is familiar with the process we will show you How to Stop Foreclosure and work for you to get it done.

The Loss Mitigation Experts that want to work for you!

Sunday, March 2nd, 2008, by Foreclosure Help and is filed under "How to Stop Foreclosure, behind in payments, Foreclosure Help, foreclosure process, hardship letter, help stop foreclosure, How to Stop Foreclosure, loan mod, loan modification, repayment plan, stop foreclosure, stop the foreclosure ". You can leave a response here, or send a Trackback from your own site.