Foreclosure Stop – You Do Have Options!
With the number of foreclosures rising daily, it’s important to be informed about what you can do to prevent it from becoming your reality. If you want to put a foreclosure stop on proceedings, you have no time to waste. Yes, it is a stressful time for you, and it’s easy to get sidetracked in the emotional roller coaster of foreclosure, but as Dale Carnegie has said “inaction breeds doubt and fear. Action breeds confidence and courage.” You need to start taking some action on trying to prevent the foreclosure from happening. The longer you wait and keep putting it off, the harder it will be to prevent as the foreclosure wheels start turning in motion. You can start by reading about and taking action on a couple of options I’ll be discussing in this article.
One option that is available to you in order to place a foreclosure stop on proceedings is to approach your lender about restructuring your loan. Loan restructuring or loan modification as it is also known is not to be confused with loan refinancing.
Loan restructuring is where either you or a professional service you hire approaches the lender in order to change the terms of the loan so your loan payments become more affordable for you (for example by extending the term of the loan.) It makes a lot of sense to bite the bullet and approach your lender about a loan restructure as lenders stand to lose money on a foreclosure as well. You will be doing yourself and your lender a favour by restructuring the loan. You’re best to do this as soon as you receive a default notice.
The Government has also introduced a program called Hope for Homeowners and it is effective from October 1, 2008 to September 30, 2011. This program is aimed at putting a foreclosure stop on as many as 400,000 homes that may be at foreclosure risk in that time period. It’s a good idea to approach your lender to see if you qualify for this program.
Well, there are a couple of options for you to choose from in regard to putting a foreclosure stop on foreclosure proceedings. Remember that time is of the essence in regard to this and the sooner you take action and contact your lender the better it will be for you.
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