Stopping Foreclosure - Posted by Kris

import · October 31, 2000, 2:58pm

Posted by Greg AZ on October 31, 2000 at 21:51:38:

I agree with Stacy. Contact the lender asap to try to arrange a repayment schedule. The last thing the lender wants to do is foreclose as the legal fees are expensive and they may get the property back and then must try to dispose of it.

import · October 31, 2000, 2:58pm

Posted by Kris on October 31, 2000 at 15:58:30:

My home is being foreclosed. How do I prevent them from doing so. I have half the money the lender wants for back payment. I know chapter 13 is an option…

Thanks

import · October 31, 2000, 10:27pm

Re: Stopping Foreclosure - Posted by dewCO

Posted by dewCO on October 31, 2000 at 23:27:52:

Doing a BK will only stop if temporarily and they don’t have to let you make up the payments after you do the BK (or at any time really).

import · October 31, 2000, 9:19pm

Re: Stopping Foreclosure - Posted by Bob H

Posted by Bob H on October 31, 2000 at 22:19:08:

Contact your lender’s loss mitigation department, and get their mailing address and fax number.

Prepare a detailed letter describing the events which caused you to become deliquent, ie; unexpected loss of income, medical expenses, family emergency, etc. Include any supporting documentation you may have.

Then outline a specific plan to bring your loan current: ’ I can pay $$$ on Nov. xx and will pay a payment and 1/2 for the next xx months.’ Include an itemized list of your current monthly income and expenses, current pay stub, bank statement, etc.

Fax this to them ASAP and also send copies via certified mail. Follow up by phone within 5 days of mailing, and ask them if they need any additional documentation to approve your repayment plan. Impress upon them your strong desire to keep your home and let them know you are considering a chapter 13 as a last resort. Give them a deadline for giving you an answer.

Best of luck - hope this helps

import · October 31, 2000, 4:24pm

Re: Stopping Foreclosure - Posted by Stacy (AZ)

Posted by Stacy (AZ) on October 31, 2000 at 17:24:36:

Kris, have you spoken to the lender about a repayment plan? Most lenders will try to work with you. Half now, and the other half added to the balance owed, for example.

Stacy