Can I Still Catch Up On My Loan if I Received Foreclosure Papers

The foreclosure process can start quickly if you own a home and miss a few payments. How fast it starts depends upon the rules in your state.

Your message is brief and vague on the facts, but I infer that the foreclosure process has already begun and that a trustee sale is scheduled. If this is the case, then you may have what is called the "right of reinstatement." A right of reinstatement allows the homeowner to reinstate their loan before the trustee sale. Most, but not all, states give homeowners this right. For example, in California and Oregon a homeowner can reinstate their loan up to five days before the trustee sale. Texans have 20 days, while Illini have 90. However, Georgians have no right of reinstatement.

Contact the lender immediately if you have an amount of money sufficient to make the loan current. If you do not, explore the alternatives to foreclosure. The three typical methods of stopping a foreclosure are as follows:

a) loan modification

b) payment forbearance

c) loss mitigation (i.e., short sale or deed in lieu of foreclosure)

Your lender may be willing to stop the foreclosure process even at this late stage. In fact, almost all lenders hate foreclosing because of the cost.

Mortgage lenders typically lose money when they foreclose, since most foreclosed homes are worth less than the value of the mortgage. Plus, the foreclosure process is expensive to manage and is stressful for everyone. What that means is that you have options, so learn about what you can do and start moving to stop foreclosure fast!

I encourage you to visit Stop Foreclosure and A Deed In Lieu Of Foreclosure vs. A Short Sale to learn more about your options.

I hope this information helps you Find. Learn & Save.

Best,

Bill

www.bills.com/