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