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Saturday, July 4, 2009

How to stop foreclosure: some useful ways

Who likes foreclosure of his/her own little, sweet, loving home? We tremble even at the slightest thought of our house claimed back & taken by our mortgage lender, due to our failure to pay one or more monthly payments. But, foreclosure is a reality of America today, and people who have unpaid mortgage burden on head still are losing their homes to the lenders. What is even worse-in a foreclosure you end up losing the total amount of your investment also, along with your house. And even worse- a single foreclosure leaves a severely negative impact on your credit history, and that impact lasts for a long time period. It will leave you ineligible for getting any new loan in future.
Here I would like to share with you some essential and easy to follow tips, which would enable you to save your home from a foreclosure.

1) There is a way to prevent foreclosure-overdue payment compensation. If you compensate for any overdue payments in addition to your foreclosure associated expenses, you can stop foreclosure.

2) The letters you receive from your lenders must be read, understood & reciprocated with utmost priority. Never ignore those letters.

3) A very important point to remember: on legal issues related to your finance, always use registered & verified mail in each mail you send.

4) Never make slightest delay in taking necessary action if you face any problem in a month in making your monthly mortgage repayment. Make necessary communications at once with your creditor regarding your recent financial hardship, and act as fast as possible-before the situation worsens. Explain honestly to them your problematic financial situation & your ill-affordability. In such a situation, always in advance you should prepare all the documentary evidences of your recent financial condition, like- monthly earning details, your expenditures details so that you can furnish your documents anytime to the lender to prove your true incapability. It’s an wise idea to write down everything during the process of communication with your lender… the date of conversion, whom you talked to, his or her designation & other official details etc.


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