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FORECLOSURE

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when you get behind on your Mortgage Loan. Your lender won't automatically put you into a program to bring your loan up-to-date. You must put the plan into motion and provide the lender with the documentation they require to analyze your financial situation to stop the Foreclosure action. Although lenders do not want to foreclose if it can be avoided, they do want to make sure you can follow-through on any promises you make to bring your account current.

Mediation is the key to Stopping the Foreclosure. As we stated before, the Mortgage Company does not want to Foreclose and is usually willing to agree to terms to Stop Foreclosure. These terms are negotiable and it is to your advantage to develop a plan of action before contacting them. This plan needs to be thoroughly analyzed before presenting it to them as it becomes very difficult to adjust it.

2. You need to document your current financial situation to show that you can afford the Monthly payments. This is very tricky… you need to be accurate and honest as they may not accept changes once it is submitted. You will need to develop a Personal Financial Portfolio that shows your income versus your expenses in a form that is easy to understand and highlights your ability to repay the loan.


3. The last step is to develop a letter that explains why you fell behind. This letter is referred to as the “Hardship Letter.”  This letter must be honest and appeal to them to show that you want to stop the foreclosure and that you deserve another chance.


Most Mortgage Companies will consider a Loan Modification, Deferment, Forbearance or a Repayment Plan as a first option to quickly bring the loan current.


What if you had  guaranteed way to stop your Foreclosure in the next two weeks? Without having to come up with thousands of dollars to do so?




1. You need to come up with some amount of money to apply to the deficiency. We typically refer to this as the “Contribution Figure” or a "Good Faith Payment". This will usually be somewhere between 35% - 50% of the total amount that is required to bring the loan completely current. With the clients we help, we typically see this number between 25%-30%. The Mortgage Companies always require this money as a down payment for a number of reasons:


    * To bring the loan current quicker

    * To prove to the lender that your are sincere in wanting to get the loan caught up. They also need to use this as a penalty to  getting behind. If they didn’t they would have a lot more people missing payments without legitimate reasons.

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