How to stop a home foreclosure & information about bank foreclosures

Stopping Foreclosure

If you miss numerous mortgage payments the result may be foreclosure. Foreclosure is defined as a legal process where the bank or any other creditor sells or repossesses immovable property, or real property, because of the owner’s deficient mortgage payments. When the violation proceedings have completed it is said that the lender has foreclosed its mortgage or lien. There are two types of foreclosure in the USA – in a judicial foreclosure the bank auctions off the property by the county sheriff or a similar officer of the court. The second type of foreclosure is non-judicial called the ‘power of sale’ type foreclosure. In this instance the mortgagee sell their own property to the highest bidder.

If you are having a problem with your mortgage payments it is best to contact your mortgage company right away because foreclosure is a last resort. If you want to know how to stop or deal with foreclosure, here are various options for you if you’re not able to make your payments.
1. Your mortgage company may be able to give you SPECIAL FORBEARANCE, and create a payment plan that is relevant to your financial situation. Sometimes mortgage companies provide short term suspension of payments, or reductions. You’ll qualify for this type of help if you lose your job, or increase your living expenses for emergency reasons.
2. It may be possible for you to MODIFY YOUR MORTGAGE ie. refinance the debt or extend the term on your mortgage; this may provide the help or time you need to catch up on your payments. Individuals who have financial emergencies often qualify for this option.
3. A PARTIAL CLAIM is where your mortgage company can attempt to get you an interest free loan from HUD. You can possibly qualify if your mortgage company files partial claim for you, and consequently HUD will pay your mortgage company your overdue amount. In order to follow through with this option you need to provide a Promissory Note, and until it is paid in full, a Lien will be placed on your property.
4. A PRE FORECLOSURE SALE allows you to sell your property in order to pay off your home mortgage loan. This prevents you from having to foreclosure, which would have immense negative effects on your credit rating.
5. A DEED IN LIEU OF FORECLOSURE should be a last resort – it involved giving your property back to the mortgage company. You lose your house completely but you’ll have a chance of getting a home mortgage loan in the future AND your credit rating will not suffer as much.
6. Beware of EQUITY SKIMMING where a ‘buyer’ approaches you and offers to pay off your mortgage. The scammer buyer then suggests that you move out asap, and begins to collect rent from someone else. The scammer buyer then allows the mortgage company to foreclose because he/she has not made any mortgage payments. In the end you are still responsible for your loan even if you sign over your deed to someone else.

For more detailed (USA) information please visit the offical US Department of Housing site.

  Adjustable Rate Mortgages
  Alliance Bank
  ANZ Bank
  Associated Bank
  Bad Credit Mortgage
  Bad Debt
  Bank of America
  Bank of Colorado
  Bank of Montreal
  Bank of Oklahoma
  Bank of Scotland
  Bank of Texas
  Bank of the West
  Banks In The USA
  Barclays Bank
  BBVA Compass
  Black Friday
  BMO Bank of Montreal
  BNP Paribas
  Branch Banking and Trust
  British Bankers Association
  Bull and Bear Markets
  Cambridge Savings Bank
  Canada Pension Plan
  Canadian Tire Bank
  Canadian Western Bank
  Capital Bank
  Cash Advance
  Chase Bank
  CIBC Canadian Imperial Bank of Commerce
  Citizens Bank
  Citizens Bank of Canada
  City National Bank
  Co-operative Bank
  Coast Capital Savings Credit Union
  Comerica Bank
  Commonwealth Bank
  Conexus Credit Union
  Credit Card Advice
  Credit Counseling
  Credit Report
  Credit Unions
  Day Trading
  Defined Benefit Pension
  Defined Contribution Pensions
  Direct Deposit Advance
  Envision Credit Union
  Fedwire Routing Number
  FHA Loans
  Fiat Money
  First Federal Bank of Florida
  First Niagara Bank
  First Republic Bank
  First Tennessee Bank
  Fixed Rate Mortgages
  Forex Trading
  Frost Bank
  Glens Falls National Bank
  Government and Mortgages
  Gross Domestic Product or GDP
  Harris Bank
  HDFC Bank
  Hedge Funds
  Home Appraisals
  Home Equity Loans
  Home Equity Rates
  Home Foreclosure
  HSBC Canada
  Hudson City Bank
  Identity Theft
  ING Direct
  Interest-only loan
  Kennebunk Savings Bank
  Life Insurance
  Links Resources and Partners
  Lloyds TSB
  Market Share
  Meridian Credit Union
  MI Bank
  Micro Credit
  Money by Pink Floyd
  Money Converter
  Money Market
  Money Mart
  Money Scams
  Mortgage Loan
  Mortgage Refinancing
  Mutual Fund
  National Australia Bank
  National Bank of Canada
  Navy Federal Credit Union
  Navy Federal Credit Union Online Banking
  Navy Federal Credit Union Routing Number
  Navy Federal Credit Union Web Bill Pay
  Offshore banking
  Old Age Security Program
  One For The Money Movie 2012
  OneWest Bank
  Orange County Teachers Credit Union
  Oxford Bank and Trust
  Payday Loans
  Pentagon Federal Credit Union
  Peoples United Bank
  Personal Finance Software
  PNC Bank
  Provident Bank
  RBC Royal Bank
  Refund Anticipation Loan
  Regions Financial Corporation
  REIT or Real Estate Investment Trust
  Reverse Mortgages
  Rich Dad, Poor Dad
  Second Mortgages
  Servus Credit Union
  Sovereign Bank
  Standard Bank
  Steinbach Credit Union
  Stock Market
  Student Financial Aid
  SunTrust Bank
  SunTrust Routing Number
  TCF Bank
  TD Canada Trust
  TD Canada Trust Routing Number
  The Federal Reserve
  The Gold Standard
  The Wealthy Barber
  Union Bank
  US Public Debt
  Vancity Credit Union
  Venture Capital
  Wealth Coaching
  Wells Fargo
  Wells Fargo Routing Number
  Woodforest National Bank
  Zions Bank