| Ignoring a foreclosure notice or making unwise financial | | | | face an embarrassing conversation with your lender |
| decisions during the foreclosure process can result in | | | | about your financial problems, but your lender may |
| the loss of your home and the inability to be approved | | | | have the exact solution that you have been looking for. |
| for another home loan or other types of credit. | | | | The first step is to talk to them. Be open and honest |
| Improper actions may also result in bankruptcy. All of | | | | about your financial situation and ask them if you |
| this headache and heartache can be avoided with a | | | | would qualify for a stop foreclosure loan. |
| stop foreclosure loan. | | | | A stop foreclosure loan is a mortgage or home loan |
| Finding out that your home is entering foreclosure is | | | | that pays off your current loan and gives you the |
| one of the most devastating things that can happen to | | | | chance to start over again. Depending on how much |
| a homeowner. During this emotional time, it is very | | | | equity you have in your home, the payments on the |
| easy to make irrational decisions that can result in the | | | | new loan could be significantly less than your current |
| loss of your home and a ruined credit report. Receiving | | | | mortgage payment. You might even be able to borrow |
| a notice is not the end of the line, though; it is simply a | | | | against your equity to help pay off some other bills |
| call to action. There are a few ways that you can | | | | that have become difficult or impossible to pay. |
| save your home such as the stop loan. | | | | The number one requirement for receiving this type of |
| Once you have received a foreclosure notice from | | | | loan is the ability to pay the new mortgage and |
| your lender, it is extremely important that you contact | | | | resolve your financial issues. If the lender can see that |
| them to see what your stop loan options are. In most | | | | the new loan would make it possible to make your |
| cases, lenders are more than willing to find a solution to | | | | payments on time and get your finances in order, they |
| the problem. This is not an option that they want to | | | | will be more willing to issue a stop foreclosure loan |
| pursue. Your lender would much rather help you keep | | | | than they would if it seems like you will not be able to |
| your home and continue to receive interest payments | | | | afford the new mortgage any more than you can |
| from you than be saddled with a property that they | | | | afford your current one. While you may not get the |
| might not be able to resell for the amount that you | | | | best interest rates with this type of loan, these could |
| owe. | | | | be the key to keeping your home and getting back on |
| Open communication with your lender is a must. Yes, it | | | | track financially. |
| may be tempting to ignore the situation rather than | | | | |