Stopping Foreclosure Of A Property Bulletproof Program

If you are searching the internet for ways of stopping foreclosure of a property, you'll find many different programs out there. There are companies for loan modification, foreclosure refinance, bankruptcy and more. But this program is different.

First of all, if you are facing foreclosure and trying to refinance, this is probably impossible. Every situation is different, but if you are facing foreclosure you have missed payments and have bad credit. Also, if your house is upside down, forget about it. What about your income? If you made enough money to pay for your mortgage you wouldn't be in foreclosure, so you most likely will not qualify. These are companies that just try to lure you in, tell you that you don't qualify and then push a loan modification on you.

A loan modification can work, but only if it's a good one. If you freeze your current interest rates you payment stays the same and doesn't help you at all. If you are stuck in a pick a payment loan or something similar, when you get a loan modification your payments will actually increase because you'll be paying a full principal and interest payment now, not just interest only or negative amortization. The other thing to consider is your time frame. A loan modification can take a couple months to several months, so don't end up finding out your loan modification wasn't approved by having a sherrif knocking on your door to kick you out. It happens all the time.

Another way to stop foreclosure is to use an attorney and dispute your loan. This is not a permanent fix, but it will delay the process for months. An attoney can challenge your loan on many different levels including:

1. Errors in your loan docs

2. Misrepresentations made by your lender

3. Misleading statements made by your lender or its employees

4. Available equity left in the property

And more.

This will tie up your case in court. When the process begins, you will not have to make mortgage payments until it is settled, which can take 4 months to even over a year. This will allow you to save up your money and make the best financial decision possible for you and your family. During this time, your lender can't demand payment, charge you interest or late fees and cannot report negative items to the credit bureaus. Also, if any errors are found on your loan docs, you may be due relief on those errors and they may give your lender reason to renegotiate your loan to payments you can afford.

The only homeowners who cannot participate in a program like this are the ones who have been given a notice of sale. You must take action to stop that before you can participate.

By stopping foreclosure of a property, you are able to stay in your home.