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If you do not have a plan for how you are going to stop mortgage foreclosure, your chances of being able to do so are not nearly as good. It does not have to be complicated, a simple document with what you need to do laid out in simple steps will work, but it does need to have a few critical pieces.
Your plan should include the money that you will need to come up with upfront and where you are going to get that money from. In order to stop mortgage foreclosure, chances are good that you are going to need to come up with at least some money. How much money that is will depend on several factors, some of which include how many payments you have missed, how much your mortgage company is charging in late fees and attorney fees, and how far your foreclosure has progressed.
The best way to figure out how much money you currently owe your mortgage company is to call them and request a reinstatement amount. This tells you exactly how much you currently owe your mortgage company. Reinstatement figures typically are only good for a specific amount of time so be sure to get that timeframe accurate in order to stop mortgage foreclosure on your home.
Your plan should also include any important dates and deadlines. If you miss an important deadline, you can seriously harm your chances to stop mortgage foreclosure on your home. In the documentation that you receive from your mortgage company’s lawyer, you should find all important dates. These dates include: court dates, foreclosure sale date, right to cure date, and right to redeem date. Some states have a right to cure and a right to redeem written into the laws that govern foreclosure in the state. A right to cure essentially means that you have the right to come up with all of the money necessary to “cure” (reinstate) the loan. This will include all payments you have missed, late fees, attorney fees and any other fees. Make sure you know what the right to cure dates and timelines are for your state. A right to redeem is essentially the right to come up with all of the money that you currently owe your mortgage company. This will be whatever the outstanding balance is on your loan and any fees. Again, if your state has a right to redeem, make sure you know any dates associated with that.
Your plan should also include contact information for your current contact at your mortgage company and your mortgage account number. In order to stop mortgage foreclosure, you will have to work with your mortgage company and you will need to have a contact at the mortgage company who is willing to help you. This person may change during your foreclosure process so be sure that you always have a current phone number, email address and fax number for whoever your contact is at your mortgage company. You will always need your mortgage account number when you speak to your mortgage company about your foreclosure so make sure that is always handy.
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