There are several ways that you can stop foreclosure for the short term problem. Those that know that they can get back on track with making monthly payments may just need some time to make that happen. If you want to stop foreclosure and continue to pay off what you owe to the lender of your home loan, then you’ll want to consider these short term solutions. If you don’t have the means to make payments on a regular base and don’t see that changing, you’ll want to consider more long term solutions such as selling your home.
Can You Make It Work?
Your bank is not in the business of owning homes. They want to lend money so that they can in turn make money on your loan. If you stop paying that loan, though, they can’t turn a profit and will put the home into foreclosure, which helps them to take possession of the home so that they can turn around and sell it again. To avoid this from happening, consider any of these short term solutions for stopping foreclosure.
• Reinstatement: The simplest of solutions is to bring your mortgage up to date by making up for the payments that you are behind. You’ll have to make a lump sum payment in the amount that you owe to make this happen, including any fees that you are behind on. This may be the most difficult of solutions for the person struggling to make payments, though.
• Forbearance: Here is an option that is not always available, but should be something that you talk with your lenders about. If you know you’ll be able to make up the money you are behind on but need some time to do it, forbearance may be the solution. Here, you will be given a certain amount of time to get caught up or to not make payments, with some solution of how to make up payments when you do get caught up.
• Work out a plan: Sometimes lenders will work with you to work out a repayment schedule. Here, you’ll make payments at various times to get caught up on what you owe. They may allow you to add some of the funds that you are behind on to the current payment that is due until you catch up on what you are behind on.
Any of these solutions can help you to stop forbearance but you’ll have to talk to your lender about them to make it happen.