How to Stop Foreclsoure

Stopping foreclosure can be done, if you know what to do.

Difficulty: Easy

Instructions

Things You'll Need:

• Hardship Letter
• Financial Statement
• 2 Months Bank Statements
• 2-4 Pay-stubs
• 2 Years of Tax Returns

1. Call the Bank and Ask to speak with the Loss mitigaion department or the Workout Department. Customer Service will not be able to help you in most cases.

2. Request to receive a workout package. (Forebearance, Loan Modification, Short Sale or Deed in Lieu of Foreclosure) By fax if possible to speed up the process up. See if anyone has been assigned to your file and get their name and phone/fax numbers.

3. Fill out the workout package and fax it back to the person or department assigned to your file.

4. Follow up, Follow up, Follow up. Most homeowners doing workout plans wait for the bank to return their call. In most cases this is not going to happen and if it does it will take a long time.

Tips & Warnings

• Banks get thousands of these workout package. You will be put on the bottom unless you call them often.
• Keep a copy of what you mail or fax to them. Banks lose paperwork only a daily basis. You will have to send it a couple of times before they find it.
• Be determined to get it worked out.
• Find an investment company to help you for free(like http://www.YourForeclosureTeam.com) to walk you through your different options.
• Don't give up. You have options on keeping and selling your home before foreclosure.
• The banks will postpone the sale if a workout plan is in place. (In most cases)
• Don't let the bank scare you into doing nothing.
• Don't be afraid to ask for help.
• Don't deal with companies who charge to help because it is available for free.

[sarahsoldit]

on 5/27/2009 Avoid foreclosure! Free Initial Consultation for homeowners in Northern California. The Becker and Steidlmayer Real Estate team has the necessary expertise to help you get out from under your home loan without going through the financial trauma of a foreclosure. Contact us today at [e-mail] or visit our website at http://www.topspaces.com

[Here2Help]

on 3/27/2007 ATTN Minnesota Residents!

If you are one of the many people that will be faced with foreclosure this year and would like to save your credit and even get some money for 6 months of rent to help get you and your family back on your feet please contact me today and I can go over your situation and let you know exactly waht can be done for you.

My partner and I have been helping many families escape foreclosure. We can prevent your foreclosure through short sale, offer you a relocation bonus to pay for a minimum of 6 months rent and help you restore your credit history and scores. We will help to give you a second chance at a healthy financial future.

For questions on how get started right away contact me today:

Cole Thimsen
612.963.2570
[e-mail]