How to Stop Mobile Home Foreclosure

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To stop a mobile home foreclosure, bring loans up to date by paying defaulted loan amounts and legal fees, or file for bankruptcy to halt foreclosure proceedings. Work out a repayment schedule with the lender to avoid loosing a mobile home with advice from a mortgage broker in this free video on home foreclosure.

Part of the Video Series: Home Equity Loans & Foreclosures
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Video Transcript

Hi this is Matt McKillen with Innovative Financial Group. The question posed to me today is how do you stop a mobile home foreclosure? There's a couple of different options for stopping a foreclosure action on your mobile home. One is to brings you loan current. Generally if you can bring in the delinquent payments plus any fees that have been incurred by the lender, now this can be attorney's fees to process the foreclosure, there may have been monies advanced for your homeowner's insurance, or your property taxes. You can usually consult the attorney for the bank, get a payoff amount, what it's going to take to bring the loan current and in doing so you would stop the foreclosure action on your house. Another way to stop the foreclosure is by filing a bankruptcy. It's really not a stop, it's more of a stall, chapter 13 is the wage earner plan, it freezes the foreclosure action so that you in term can work out a repayment plan with the bankruptcy court to pay the rear back on your mortgage. The third and final step to stopping a foreclosure is by going through a formal loan modification process. This is where you negotiate with your bank, sometimes with a loan modification company working on your behalf or an attorney on your behalf, to arrange to cure the loan, maybe modify the terms so that you can afford to make the payments going forward and this will generally stop a foreclosure action on your mobile home. Again my name is Matt McKillen and I'm with Innovative Financial Group.

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