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Stop Foreclosure: Negotiating with Your Lender



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By : Cassiano Travareli    99 or more times read
You can actually do something to stop foreclosure. Listed here are some advices on how to stop foreclosure.

The first thing you have to do is contact your lender. Tell them that you cannot afford your mortgage payment anymore. Do not hesitate to provide them the information they ask from you. Also, do not lie about your financial expenses for it will not actually help.

If you suffered from hardship such as illness, disability, job loss, death in the family, or divorce, you have to submit a letter to your lender as a proof.

Your lender will require from you several requirements with the hardship letter. The documents you will submit will be assessed to see if you qualify for a loan modification. The duration of this process depends on how quick you submit your requirements and how fast your lender processes your application.

Loan modifications are often offered by lenders to help homeowners in foreclosure process. These loan modifications can be forbearance or paying an additional payment in a year or two to repay original amount owed, freezing or decreasing interest rate, extending the payment period, or forgiving a portion of the total amount owed.

Also, the government help stop foreclosure by heightening the awareness of homeowners that there is available help for them to stop foreclosure. Nonprofit agencies and some mortgage services also do the same.

Another thing you can consider doing to stop foreclosure is to call a housing counselor from an HUD-approved housing counseling agency. They do not charge you since they are nonprofit agencies; but they can help you stop foreclosure. These counselors have access to supervisors who can come up with workout plans for you after evaluating the information you have given them.

You do not have to wait until your home is foreclosed before doing an action. Stop foreclosure now and you will not lose your home sweet home.
Cassiano Travareli has been educated in the finer points of the foreclosures market over 5 years.

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