Stop Foreclosure | Help Stop Foreclosure On My Home | AFS
"How to Stop Foreclosure"
Make no mistake.... to stop foreclosure; you must act quickly and decisively. Your home will be sold unless you take the correct steps to satisfy the mortgage company and get your loan caught up.
"Do you need help to stop a foreclosure?... Let us help "
Foreclosure is something that can happen when you get behind on your Mortgage Loan. Your lender won't automatically put you into a program to bring your loan up-to-date. You must put the plan into motion and provide the lender with the documentation they require to analyze your financial situation to stop the foreclosure action. Although lenders do not want to foreclose if it can be avoided, they do want to make sure you can follow-through on any promises you make to bring your account current.
Mediation is the key to stopping the foreclosure. As we stated before, the mortgage company does not want to foreclose and is usually willing to agree to terms to stop foreclosure. These terms are negotiable and it is to your advantage to develop a plan of action before contacting them. This plan needs to be thoroughly analyzed before presenting it to them as it becomes very difficult to adjust it. We have extensive experience in this area and we can do our best to develop a winning strategy or plan for you to sop the foreclosure that is proven successful.
Proven Plan for Stopping Foreclosure
1. You need to come up with some amount of money to apply to the deficiency. We typically refer to this as the “Contribution Figure” or a "Good Faith Payment". This will usually be somewhere between 35% - 50% of the total amount that is required to bring the loan completely current. With the clients we help, we typically see this number between 25%-30%. The mortgage companies always require this money as a down payment for a number of reasons:
- To bring the loan current quicker
- To prove to the lender that you are sincere in wanting to get the loan caught up. They also need to use this as a penalty to getting behind. If they didn’t they would have a lot more people missing payments without legitimate reasons.
2. You need to document your current financial situation to show that you can afford the monthly payments. This is very tricky… you need to be accurate and honest as they may not accept changes once it is submitted. We develop a Personal Financial Portfolio for each of our clients. This shows your income versus your expenses in a form that is easy to understand and highlights your ability to repay the loan.
3. The last step is to develop a letter that explains why you fell behind. This letter is referred to as the “Hardship Letter.” We have many examples of letters that the mortgage company is looking for. This letter must be honest and appeal to them in order to show that you want to stop the foreclosure and that you deserve another chance. We roll all of these items into what we call a “Work-out Package”. This package is then presented to the mortgage company in a format they can easily understand, which allows them to make a decision quickly and responsibly.
Most mortgage companies will consider a Loan Modification, Deferment, Forbearance or a Repayment Plan as a first option to quickly bring the loan current. Our foreclosure specialists will use one of those options or perhaps a combination of those or any of the options below to develop your personalized strategy for your foreclosure.
- Reinstatement Plan
- Repayment Plan
- Loan Modification/Loan restructuring
- Loan Refinance
- Loan Forbearance
- Partial Claim
- Pre-Foreclosure Sale
- Short Sale
- Deed-in-Lieu of Foreclosure
We call ourselves Specialists because we
SPECIALIZE in helping people get out of foreclosure.
Do you need to Stop Foreclosure?Fill out our Free Questionnaire
Our Name, American Foreclosure Specialists, is the name that you can trust.
Call Toll Free 1-866-544-0990
IMPORANT NOTICE – PLEASE READ There is no guarantee you will receive a loan modification. Even if you accept this offer and use our service, your lender may not agree to change your loan. Loan Modification approval is dependent on criteria including but not limited to hardship, income, debt ratios. American Foreclosure Specialists is not a Bank, nor a government agency or government affiliate. Our services are not approved by the government or your lender. American Foreclosure Specialists assists in the document preparation, working with and communication with your Mortgage Bank in the attempt to acquire an approved Loan Modification. If you stop paying your mortgage, you could lose your home and damage your credit rating. Loan Modification Plans are dependent upon mortgage company criteria and financial information gathered as part of the efforts of AFS. The information and notices contained on this website are intended as informational and should not be regarded, as financial or legal advice. AFS attempts to ensure that the material contained on the website is accurate and complete at the date first published, however you should recognize that information contained on this website may become out of date over time. Readers who have particular questions regarding real estate law, finance, or who believe they require legal counsel, should seek the advice of a financial advisor or an attorney. Submitting a contact request, gives AFS consent to contact you by telephone and/or email, even if you have previously listed yourself on any state or federal Do-Not-Call List.