Stop Foreclosure

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When buying a house on loan foreclosure is the last thing on your mind.
In fact most of us try our level best to make timely payment of all our bills.
It is in time of great financial hardship that we would miss a few installments or become unable to repay mortgage for a considerable period of time.
During the recent recession more people lost their jobs or had to accept a salary cut that they were unable to pay for the home they brought; the result foreclosure.
If you have missed out a good number of repayments and have been served a foreclosure notices the first thing to do would be to look into your financial strengths, work out how much you can pay and contact the lender.
The lender is more interested in his money then your property and would usually accept a rational repayment plan.
You can propose to repay your missed installments over duration of time.
This means that the lender will calculate the total amount you have missed and then spread them out over a period of three, six, nine or twelve months period.
You will need to ensure that you can make these revised repayment amount with in the due dates.
Your lender may also grant you debt forgiveness.
This is when the lender forgives and forgets that you missed repayments altogether.
The lender might want for the due amount to be paid at once or may be more liberal and adjust it over some time or increase your installment to adjust the missed repayments.
If your have brought your property with an adjustable loan you may also ask your lender to freeze the interest rate.
This means that even if the market interest rate goes up you will not be affected by additional interest rates.
You should also try and negotiate a more manageable interest rate and repayment terms.
Although it may seem a bit embarrassing to approach your lender and try to talk him into a payment terms that suits you, it is far better than facing a foreclosure for both you and your lender.
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