Nobody deserves to lose their home - especially when you have missed several months of mortgage payments.
If you've received a notification from the lender stating that your property will be foreclosed within certain period of time - it's time that you've to save your home for the sake of your family.
Here's the checklist that you need to do in order to avoid losing your precious home to your lender: 1.
Stop avoiding problems and don't throw those foreclosure notification letters from your lender away.
Firstly, you have to address this problem and you need to have support - financially or mentally, from your family members.
2.
Avoid racking up debt particularly credit card debt - you need to change your spending habits and live a frugal lifestyle until you're able to move on with your own terms.
3.
Start organizing those important documents including mortgage payment bills and utility bills so that you can calculate the total outstanding balance that you required to pay off.
4.
Based on the notification letter from the lender - Jot down the contact information - i.
e.
company phone number and company address, because you will contact the lender for negotiation about mortgage refinance.
If possible, start calling them for an arranged appointment and get the date fixed.
5.
Get your hardship letter ready - you can either write it on your own or hire a financial consultant to write on your behalf.
In fact, there are many free sample letters that are available on the internet and you can use it as your reference.
Your style of writing has to be formal and straight-forward and you need to inform your lender that you're not "financially" fit to pay off your mortgage, and request for an extension to catch up with the missed mortgage payments or seeking for mortgage refinance.
6.
Refer to a stop foreclosure counselor that offers free consultation on tackling your foreclosure problems.
Make sure that he or she is a certified counselor - you can actually check whether their services are accredited by the U.
S.
Department of Housing and Urban Development (HUD).
Avoid those counselors who ask their clients for consultation fees because such counseling services are normally free-of-charge.
7.
Start negotiating with your lender to stop foreclosure - it's the moment that you should request for refinancing including extending the loan term with affordable monthly loan repayment.
You have to convince them that you're capable to pay off your mortgage with the new monthly loan repayment.
8.
Have all the verbal-agreement stated in black-and-white - make sure that the outcome of the negotiation process is stated in the contract.
Always read the contract thoroughly before you sign it.
Make sure you've done all the things above to stop your home being foreclosed.
Hope that you can enjoy living at your home eternally.
If you've received a notification from the lender stating that your property will be foreclosed within certain period of time - it's time that you've to save your home for the sake of your family.
Here's the checklist that you need to do in order to avoid losing your precious home to your lender: 1.
Stop avoiding problems and don't throw those foreclosure notification letters from your lender away.
Firstly, you have to address this problem and you need to have support - financially or mentally, from your family members.
2.
Avoid racking up debt particularly credit card debt - you need to change your spending habits and live a frugal lifestyle until you're able to move on with your own terms.
3.
Start organizing those important documents including mortgage payment bills and utility bills so that you can calculate the total outstanding balance that you required to pay off.
4.
Based on the notification letter from the lender - Jot down the contact information - i.
e.
company phone number and company address, because you will contact the lender for negotiation about mortgage refinance.
If possible, start calling them for an arranged appointment and get the date fixed.
5.
Get your hardship letter ready - you can either write it on your own or hire a financial consultant to write on your behalf.
In fact, there are many free sample letters that are available on the internet and you can use it as your reference.
Your style of writing has to be formal and straight-forward and you need to inform your lender that you're not "financially" fit to pay off your mortgage, and request for an extension to catch up with the missed mortgage payments or seeking for mortgage refinance.
6.
Refer to a stop foreclosure counselor that offers free consultation on tackling your foreclosure problems.
Make sure that he or she is a certified counselor - you can actually check whether their services are accredited by the U.
S.
Department of Housing and Urban Development (HUD).
Avoid those counselors who ask their clients for consultation fees because such counseling services are normally free-of-charge.
7.
Start negotiating with your lender to stop foreclosure - it's the moment that you should request for refinancing including extending the loan term with affordable monthly loan repayment.
You have to convince them that you're capable to pay off your mortgage with the new monthly loan repayment.
8.
Have all the verbal-agreement stated in black-and-white - make sure that the outcome of the negotiation process is stated in the contract.
Always read the contract thoroughly before you sign it.
Make sure you've done all the things above to stop your home being foreclosed.
Hope that you can enjoy living at your home eternally.
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