How to Stop Foreclsoure

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

Instructions

Difficulty: Easy

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.