7 Ways to Stop a Foreclosure Sale Fast
If you have a foreclosure auction scheduled, then you must act fast. Here are the top seven ways to stop a foreclosure sale fast. Reinstatement. Mortgage reinstatement is your first and best option when facing foreclosure. When you reinstate your mortgage, you pay a lump sum to catch up your missed mortgage payments, late fees […]
A Day Late and a Dollar Short
Creditors expect not only to be paid, but to be paid on time. Mortgage companies are no different. When it comes to your mortgage, you can’t be a day late and a dollar short. When you’re dealing with your home, the stakes are too high to risk otherwise. Credit bureau reporting Mortgage companies report religiously […]
Questions for Your Mortgage Company If You’re Facing Foreclosure
If you’re facing foreclosure, stay in contact with your mortgage company. Do not ignore them when they call, and do not ignore their correspondence. Instead, reach out to your lender to determine your options. You will have questions for your mortgage company if you’re facing foreclosure. 4 Questions to Ask Your Mortgage Company If You’re […]
What Is Mortgage Reinstatement?
Mortgage reinstatement is your first and best loss mitigation option when facing foreclosure. Mortgage reinstatement means catching up your missed mortgage payments, along with all associated late fees and charges. To reinstate, you must pay the full amount due and owing in a single lump sum. Mortgage companies rarely accept reinstatement amounts less than the amount […]
Can Foreclosure Be Stopped Without Filing for Bankruptcy?
If you’re facing foreclosure proceedings, bankruptcy may be the last thing on your mind. But you should consider bankruptcy both your first option — and your last — if you are in foreclosure. One question I get asked all the time: Can Foreclosure Be Stopped Without Filing for Bankruptcy? Bankruptcy Stops Foreclosure Proceedings Chapter 13 […]
Loss Mitigation Waterfall Should Continue Post-MHA
In July 2016 the Consumer Financial Protection Bureau (CFPB) released a report titled Guiding Principles for the Future of Loss Mitigation. The report lists several “lessons learned” from the financial crisis and makes recommendations to mortgage lenders and servicers for a post-MHA era. One specific suggestion is the permanent adoption of the loss mitigation “waterfall” model. The […]