How To Stop Foreclosure Saratoga Springs NY

Anyone can find himself in a foreclosure situation, whether because of a divorce, the loss of a job, or a higher monthly payment due to a reset on your adjustable mortgage. If you have received a Notice of Default (the first step in the official foreclosure process) there's no need to feel powerless. There is still time, but usually only 90 to 120 days.

1. Call your lender's Loss Mitigation Department immediately. Someone in the collections department has only one solution to offer: Reinstatement. Unless you are in a position to pay a lump sum to bring the payments current, this is not an answer. Any foreclosure workout, such as a formal repayment plan (forbearance) will be initiated in the Loss Mitigation Department. You'll need to share the details of your financial situation so be prepared. Remember though, YOU are the one who has to get the ball rolling.
2. Refinancing your mortgage will allow you to cash in on the equity in your home while wrapping late payments, interest charges and any fees into a new loan, putting you back in charge. If you and your lender are not able to come to an agreement, don't put off the decision to look into refinancing your home loan. It may take time to find financing. Contact a home loan professional to ask any questions regarding a refinance immediately.
3. Another alternative would be the sale of your home. Deciding to wait to put your home on the market can mean watching your chances of getting a fair price for your home dwindle. An offer of a "quick closing" or an "all cash transaction" can net you much less than your home is worth. Also, waiting may mean putting off any repairs and offering your house in "as is" condition at a reduced listing price. It is definitely to your advantage to consult a real estate professional experienced in distress sales. (You should be conscious of any tax implications attached to real estate short sales. Please contact a qualified tax advisor.)...

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Author: Lynnette Phillips