Today it happened; you received a letter in the mail from your mortgage lender. You are now two months behind on your mortgage payments and they’ve started the process of foreclosure. What’s happening? What can you do to stop it from happening anyway? Foreclosure is the process by which a lender legally begins the process of repossessing the home or other property that you own that you haven’t made payments on. If you do get this type of letter, it shouldn’t be any type of surprise that it is coming. For some reason, good or bad, your fault or not your fault, you are behind on your mortgage loan.
What should you do first and foremost? If you can do anything to pay back the debt that you owe to your lender, that’s the smartest decision. Some individuals borrow from other sources to pay back the lender, but this isn’t always a good decision for one reason: if you can’t make your payments now, you probably won’t be able to pay it back later, either. Therefore, you haven’t accomplished anything by borrowing these funds.
If you have money in savings or can sell off any type of valuable item that you have to pay back the funds that you are behind on with your mortgage loan, this could be the best decision. Only you can determine what’s more valuable to you, of course. But, to stop foreclosure from going forward, you will need to consider the options that you have, including paying back the funds that you do owe to the lender.
When you want to stop foreclosure quickly, find a way to pay back what you owe to the lender, which needs to include not only the amount that you are behind but any late fees as well. If you can’t do this to stop foreclosure, consider one of the many other routes you can take to stopping foreclosure from happening to you.