How to Stop the Foreclosure & Sheriff Sale of Your Home

Video Transcript

"You are suddenly experiencing a temporary setback whether it be a loss of a job, a death in the family or an illness to a member of the family. And your late on your mortgage payments and ultimately you're even behind on your mortgage payments. And you're hearing all of this about increasing mortgage foreclosures and record numbers of foreclosures and you've seen what ultimately happens with the sheriff coming out and holding a sale and you're very concerned. You want to stop this. Hello, I'm Robert Todd and I'm here to answer the question how to stop a foreclosure and a sheriff sale of your home. Well basically what we're talking about is a mortgage foreclosure. In its simplest terms, the mortgage foreclosure is premised on the fact that you haven't made the payments, the lender wants the money to satisfy the mortgage, and if you don't do it they go to court and force the sale of your home. And from the sale of your home, pay off the mortgage. So to stop that you either pay the back mortgage payments, interest, attorney's fees and costs incurred to that point. Or, you contact the lender, you renegotiate the terms of your mortgage by trying to lower the interest rate and extend the terms of the mortgage by increasing the time within which you have to pay it. If it was a fifteen year, you make it thirteen years, this will bring down your mortgage payment. If your mortgage lender is not interested in renegotiating your mortgage, then you consider refinancing with an alternative mortgage lender. If they produce the money, you pay off the mortgage, the mortgage lender doesn't care where the money is coming from. I'm Robert Todd and thank you for watching."