The fastest way to stop a foreclosure is to immediately bring the loan current. If your mortgage payments are 1 or more months late, then your mortgage company may start the foreclosure process at any time they choose.
It may sound simple, and it is, but it is not cheap. And you have to act fast to stop the foreclosure process in time.
The mortgage company or its attorney may have already sent you a letter stating the amount that it will take to bring your loan current if your payments are behind.
But the secret is to call the attorney and get an exact amount that the check needs to be for the exact day that it will be placed in their hands.
Many people have told me that they like having their loan brought current because it will show up on their credit report. And having a currently paid loan is much better than having a foreclosure.
Time is very important when dealing with a potential foreclosure. I have bought many houses just a few days before they are scheduled to be auctioned off on the courthouse steps.
However, I had to pay all of the payments that they were behind in order to catch them up. And I had to pay all of their late fees. And I also had to pay the attorney’s fees. It costs a lot to bring all those payments and fees current.
One couple who seemed to be in their early 30’s called me about buying their house. They were 6 months behind in their mortgage payments. They had three dogs and thousands of flees in their house and in the yard. The type of fleas that attack humans like zombies. It was bad.
When they bought the house, the guy had a full time job that provided a lot of overtime pay. After owning the house for 2 years, he lost his job and could only get two part-time jobs and no overtime.
So money was very thin. In fact, money was so tight for them that both their water and electricity had been turned off because they could not pay the bills.
Since they could not pay for electricity and water, they also did not have enough money to make common repairs around the house. So many things were waiting to be repaired or fixed or replaced.
They had been behind in their payments for about 18 months and just could not seem to catch back up. So they had decided to move to another state to live with and take care of his dad. They were ready to move and get all the past due bills behind them.
This couple’s house needed a lot of repair and remodeling work. The electrical breaker box had to be upgraded to bring it up to code. And the kitchen and one bathroom had to be totally gutted and all new fixtures and cabinets installed.
Even though it needed a lot of work, I agreed to buy their house. I called the attorney that was handing the foreclosure and got the exact amount it would take to bring their loan current.
A local attorney handled all of the closing paperwork for the purchase in just a few days. Then I got a certified check from a local bank and took it directly to the attorney’ office before the foreclosure auction.
The couple was able to move with some money in their pocket. And I had a big renovation project to start.
If you are behind in your mortgage payments, I may be able to help you also. It is possible that I could buy your house before the auction and stop the foreclosure process.
Then you can start over without a mortgage foreclosure hanging over you. That would make life easier as you go forward.
If you want to talk about your specific situation and see if I can help you also, just call me at 859-903-5544.