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SIX SECRETS ABOUT FORECLOSURE TO SAVE YOU

Foreclosure is the worst thing that can happen to the owner of a property. There are several ways to stop the process, if you are going through one. If you really want to save your house then you have to work closely with your lenders through the way. Given below are a few steps which can save your house from the process of foreclosure:

1)    Be in contact with your lenders

If you want to save your home then you have to work very closely with your bank during the entire process. You have to keep in contact with the bank always. When you get a call from the bank you should talk to the representative. Make sure that your lender is completely aware of the financial turmoil that you are facing. More importantly let them know that you are willing to do anything so that you can keep your house. When the bank or the lender is aware of your intentions then they might negotiate several options with you to save your house.

2)    Ask them to Forgive You

Accept the fact that your lender has the upper hand now. Therefore be humble and ask for forgiveness for your late payments. The lender will allow you to apply for forgiveness if you keep him updated about your financial situation. If you cannot pay your monthly instalments regularly then you should negotiate with you bank and try for a loan modification process. The modification of your loan will only be allowed if you have genuine reasons such as loss of job, divorce or death of a family member or any other traumatic life event.

3)    Foreclosure will not benefit the bank

The primary reason lenders or banks want to work with defaulters and forgive them is because of the fact that they will not benefit much from a foreclosure. The bank or the lender don’t want this because for every home they foreclosure they will lose many thousand dollars. Also, if you make the monthly payments then they will get the interest on the money.

4)    Try to pay a Lump Sum

This is another method to prevent your home from being auctioned. You should pay a lump sum amount to the bank. The amount should be enough to cover all the missed payments together with the late fees. This will make your credit report also look better.

5)    Apply for Refinancing

You can also apply for a loan to pay for the home loan that you already have. However, you should apply for a loan which has lower interest and lower monthly payments.

6)    Keep all the documents safely

When you are trying to save your house you will need all the documents that prove your capability to pay the instalments each month. However, if you haven’t come out of your financial problem as yet, then this is not required and is not an option for you.

There are several ways which can stop your home from being foreclosed. You need to work with your lender closely at all times. Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.