Question:

How to save my home from foreclosure?

Answer:

To save your home from foreclosure, talk to your lender.

The mistake almost every delinquent borrower does is avoid talking to their lender. The lender can help you save your home from foreclosure if you approach them early enough. The earlier, the better.

Lender plans to save your home from foreclosure:

  • A repayment plan will incorporate your already late payments into your current ones. This is a suitable plan for the borrower if you have already recovered from your financial instability and can afford to make mortgage payments.
  • Loan modification includes reduction of the rate or extending the loan term to make payments affordable. This is often used to save borrower's home from foreclosure successfully.
  • Forbearance and reinstatement go hand in hand. Forbearance reduces or stops your mortgage payments for limited time; reinstatement is the chance for the borrower to bring the mortgage current with a lump sum by a specified date.
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