How to Stop Foreclosure

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How to Purchase a Home After a Foreclosure....5

There's a few ways to stop foreclosure, including making back payments and doing a loan modification. Make new payment arrangements to stop foreclosure with help from a financial adviser in this free video on foreclosure and personal finance.

Part of the Video Series: Home Equity & Foreclosure
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Video Transcript

Hi, this is Matthew McKillen, with Innovative Financial Group. The question posed to me today is how to stop a foreclosure action. There's a few different ways to remedy a foreclosure. Obviously, the first one is to bring your account current, come up with the back payments. If there's been delinquency on property taxes, or your insurance has lapsed generally, the lender does require that all of that be brought to date, and then the attorney's fees that were involved or incurred by the lender. So, if you have the ability to pay all that back obviously that would stop a foreclosure. Another remedy to stop a foreclosure is to do a loan modification. A loan modification is actually where you negotiate with your bank. Maybe, for example, you're on an adjustable rate loan that was fixed for the first three years, and now your payments are now moving and they're going up five, six hundred bucks a month; you can't afford it. You can contact your lender; try and work out either a payment arrangement for the late payments, or actually, maybe bring the loan current and then modify the loan for the remainder of the term. They're both a couple good examples of ways that you can prevent a foreclosure on your home and stop it. Again, my name is Matt McKillen, and I'm with Innovative Financial Group.

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