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Summary: Stopping a foreclosure with CitiMortgage, or with any mortgage lender, involves paying off the delinquent payments or using a loan modification method to renegotiate the loan terms. Avoid foreclosure on a home with tips from a mortgage broker in this free video on mortgage loans.
Matthew McKillen brings 21 years of industry experience in arranging loans for his clients. He has worked in financial services senior management positions in mortgage banking...read more
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"Hi my name is Matt McKillen I'm with Innovative Financial Group. The question that was posed to me today is how do you stop a foreclosure with CitiMortgage? Well basically it's the same answer to the question whether it's CitiMortgage or any mortgage lender. Generally the first way to stop foreclosure obviously is to cure the default. Now what the default might be made of is the delinquent payments that are due on the loan, if there's been an advance for your property taxes for example that have not been paid and a lender paid them on your behalf, those would have to be also paid back. Thirdly usually when there's a foreclosure action, the lender has incurred legal fees on top of the amounts that are owed on the loan. So first off, the easiest way to stop a foreclosure is basically to cure the loan and bring the amount that's delinquent due. There are other strategies involved to stop a foreclosure, one might be a loan modification where you have a modification company actually go in and negotiate to bring your loan current and possibly reduce your rate. It's just another option you may have in order to prevent a foreclosure on your home. Again, my name is Matt McKilllen and I'm with Innovative Financial Group."
eHow Article: How to Stop Foreclosure with CitiMortgage
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Comments
jimz5200 said
on 4/12/2009 People in trouble with their mortgages should find free professional consultation. Mortgage modifications can often only be done once or have limitations on use. A successful modification with the best possible outcome requires careful preparation. A homeowner must show a viable case for modification to be considered. They must have detailed information on debt to income ratio and budget planning. Free information is at www.wemodifyyourmotgage.com . Find out what it takes to qualify before you approach your bank. Carefully prepare you documents for submission to the bank. You are preparing to take advantage of a clause in the mortgage contract.