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How to Keep Your Home and Avoid Foreclosure

foreclosure alternatives

If you fail to make your mortgage payments each month, your bank or mortgage lender may take action to repossess your home.

After all, it’s not technically your home until you’ve paid the mortgage in full.  Until that time, you AND the bank own the home.  So if you don’t hold up your end of the bargain, the bank could come knocking.  And the news won’t be good!

The legal proceeding is known as a “foreclosure,” and will result in the loss of your home, foreclosure fees, additional legal fees, and possibly a deficiency judgment if your outstanding liens exceed the current value of your home.  Your credit will also be shot when all is said and done.

The foreclosure process usually goes something like this:

  • Become ill or lose your job (or mortgage adjusts significantly higher)
  • Fall behind on monthly payments
  • Once you’ve missed 3 mortgage payments lenders can file NOD
  • And begin foreclosure proceedings
  • At any point you can try to save your home in a number of ways

You lose your job, become ill, or simply fall behind on your mortgage payments after your adjustable-rate mortgage resets. Unfortunately, these aren’t typically valid reasons to miss your mortgage payment(s).

When you originally applied for your mortgage, you probably verified asset reserves to prove to the bank that you could afford to pay the loan for a certain period of time, even if you failed to receive additional income for some period of time.

Once you miss your first payment, the bank or lender will hit you with a 30-day late. At this point your credit will take a huge hit (how long does a foreclosure stay on your credit), and a representative from the bank or lender may call you, or send you a notice in the mail regarding your failure to pay on time.

It Shouldn’t Come as a Complete Surprise

  • Along the way you’ll be notified of late payments
  • And potentially offered a forbearance plan
  • Which allows you to get your account back in good standing
  • If you ignore the warnings you could eventually lose your home

The bank or your loan servicer may also discuss a forbearance plan with you to resolve the missed payment and get you back on track.

This is basically a special payment plan the bank/servicer sets up with the borrower to either lower payments or suspend payments so you can continue paying your mortgage.

Alternatively, there’s the possibility you could take advantage of a special refinancing or loan modification program to make your payments more affordable going forward. But you will still need to prove to them that you’ll be able to handle the new financing terms.

If you fail to speak with your lender/servicer, and continue to miss mortgage payments, you will be hit with a 60-day late, followed by a 90-day late.  That will impact your credit pretty significantly, and any chances of refinancing or seeking a forbearance plan may be lost.

Once you hit the 90-day late mark, the bank or lender will send a Notice of Default. The NOD essentially states that you have 30 days to make the payment current, appear in court, or face the risk of a foreclosure.

If 30 days go by and you fail to appear in court or make your payments current, the court can schedule an auction to sell your home within 7 days.

If the auction ends without a buyer, the bank or lender will gain ownership and likely perform maintenance on the property, clear up any title issues, then put it on the market.

After paying legal fees, foreclosure fees, late fees, and losing your home, you’ll be hit with a huge ding on your credit report.

A foreclosure will drop your credit score dramatically and prevent you from borrowing from A-paper banks for many years to come.

There Are Various Ways to Stop a Foreclosure

  • The are plenty of ways to stop foreclosure
  • But you have to be proactive and resourceful
  • If your lender or loan servicer won’t help you
  • Consider speaking with a HUD approved housing counselor
  • Or contact state housing finance agency

The scenario above is just one way late mortgage payments can end in foreclosure.  Luckily, there are a number of ways you can stop foreclosure, though not all of them will allow you to keep your home. They include:

Forbearance Plan
– Partial Claim
– Pre-Foreclosure Sale (also known as a short sale)
Deed in Lieu of Foreclosure

Loan Modification
Short Refinance
Short Sale

As I mentioned above, a refinance may lower your payments and get you back on track. But you will need to qualify and exhibit the ability to make the payments. Some borrowers were able to take advantage of the Home Affordable Refinance Program (HARP) despite having underwater mortgages, but it required borrowers to be current on their home loans.

Your bank may also be able to save you from foreclosure by putting you on an interest-only home loan or a shorter-term ARM to lower the monthly mortgage costs.  Ironically, these will reset in the future and could land you back in a tough spot.  However, it would buy you some time to get back on your feet.

A forbearance plan is a payment plan set up by your lender/servicer to ease or even suspend payments until you are current again. It can be helpful if you’re simply experiencing a temporary hardship.

A partial claim allows the mortgagee to advance funds to the mortgagor (the borrower) in the form of a promissory note. So long as you are not delinquent over 12 months, HUD may grant you a partial claim (for FHA loans), which will bring your mortgage payments current. It is essentially a second mortgage behind your existing lien that collects no interest, and is not due until you pay off your first mortgage or sell your home.

A pre-foreclosure sale, such as a short sale, will help you avoid a foreclosure, but unfortunately at the cost of selling your home, likely for much less than it’s worth.  It will also ding your credit in the process. But it could lessen the blow, and help you avoid any deficiency judgments after the fact.

Another option is a deed in lieu of foreclosure, which allows you to sell your home back to the bank that financed your mortgage. It is a great way to avoid foreclosure proceedings, but again results in the loss of your home.

It must be voluntary, and both parties must act in good faith. The bank/lender must buy the property for at least fair market value, but will usually not proceed if that value exceeds the existing liens.

There’s also the possibility of getting a loan modification, such as one through the Home Affordable Modification Program (HAMP) offered by the government. But if you don’t qualify for that, your individual loan servicer may have a proprietary loan mod program as well.

Ultimately, you really have to hustle and exhaust all options if you’re serious about saving your home and avoiding foreclosure. No one said it was easy, nor is there a one-size-fits-all solution. So expect a long and hard journey.

Speak with an Independent Housing Counselor

  • A legitimate housing counselor
  • Such as a HUD approved or state housing finance agency employee
  • Can provide assistance to help you prevent an avoidable foreclosure
  • They should never ask you to pay any fees for their services

You can also contact a local HUD approved counselor for help in foreclosure matters. Click the following link for a list of HUD Approved Housing Counseling Agencies.

Or look into non-profit programs and services offered by your state housing finance agency. For example, in my home state of California there is an organization called “Keep Your Home California,” which is a federally-funded free service for struggling homeowners who need help staying in their homes.

They work with a large number of loan servicers to achieve affordable mortgage payments and help homeowners avoid foreclosure. There are similar agencies in every state throughout the nation, so be sure to consider that route as well.

Just make sure they are the official housing agencies backed by the state or the United States Department of the Treasury. These government-backed agencies will never request that you pay fees for assistance, which is a good indication you’re working with the right type of organization.

One final thing to note is that despite all the available, regulated, and honest means available for saving your home from foreclosure, many foreclosure scams are also prevalent.

These scam artists will do their best to contact you during pre-foreclosure to rip you off using a variety of tactics including bait and switch schemes, equity skimming, fake bailouts, and overpriced help that leads nowhere. So always do your due diligence when seeking foreclosure help to avoid making matters even worse.

How Do Foreclosures Affect Property Values in Your Neighborhood?

  • They say for each foreclosure that occurs
  • Nearby property values will drop about 1.5%
  • If multiple foreclosures take place in a small area
  • The impact can be even greater

Many real estate professionals note that for every foreclosure that occurs within a neighborhood, the value of the homes around it drop by about 1.5%.

While typically not very significant as foreclosures occur somewhat infrequently, if multiple foreclosures occur within one neighborhood in a short period of time, a crippling value drop can take place.

Imagine the areas suffering the most from the recent housing bust, such as the inland Central Valley of California or Las Vegas, Nevada.

The problem with these areas and many like them is that they were built up too quickly, creating huge inventories and a housing supply that simply couldn’t be met.

To accommodate the builders, banks and mortgage lenders nationwide created aggressive mortgage programs to get new homeowners into these new developments, often pitching 1% option-arms and other high-risk loans.

But once the housing boom had gone bust and most of these loans had lost their initial low mortgage payments, many of these unwitting homeowners were forced to sell or face foreclosure.

And because multiple foreclosures took place in these areas, a large drop in home prices exacerbated an already bad situation.

This is yet another reason why location is so important in real estate – many metropolitan areas in the United States such as Los Angeles and New York City are saturated, and new development is rare because it’s cumbersome and riddled with bureaucratic red tape.

Such areas will likely retain much of their value through a crisis as there will always be buyers, and limited inventory means it won’t be able to get too out of control.

Read more: How long after foreclosure can I purchase a home?

65 thoughts on “How to Keep Your Home and Avoid Foreclosure”

  1. I am over a year behind on my mortgage. I do not want to lose my home. I have been working with the lender to try to rectify the situation. However I received a auction letter in the mail which made me really panic. what can you do to help

  2. Lisa,

    Your lender/loan servicer should be the one helping you out. Be sure to stay in close contact with them and/or explore loan modification programs such as HAMP to see if you can avoid losing your home. The Making Home Affordable phone number is (1-888-995-HOPE). It may help. There are also state housing agencies ( that could provide assistance. Good luck!

  3. My company buys houses for cash we are connected nationally. It might be a solution for you to contact us and avoid years of damage to your credit.

    I’ve been through this situation myself, and I wish I would have known about some of my options when all the banking options ran out.

    Please feel free to contact me, I would be happy to see if there is a possible solution for you.

  4. Hi Christl,

    Sorry to hear that. You may want to contact the bank/loan servicer to see what they can do to accommodate him.

  5. Hi Colin,

    My boyfriend has been dealing with his mortgage company’s 3rd party people for months now. He had spoke to a woman who “Supposedly” modified his loan for him and dropped the payments and just extended the length of years to pay the house off. He is constantly working and never paid attention but he sent in the payments and 3 months found out that they weren’t accepting them and had sent them back. The woman who made the modification didn’t make it and now according to the 3rd party company doesn’t exist. They are giving him information he needs last minute and making it impossible for him to do the modification. They are putting the house up for sale Sept. 25, 2015…Friday. Is there any way to avoid this other than filing for bankruptcy?

  6. Laura,

    Might be a question for an attorney or a complaint with the CFPB or similar agency as it’s a very serious matter involving the loss of a home.

  7. My wife and I started making payments in August of 2005. We paid each and every month on line and was 2-3 weeks early on every payment we ever made. In June of 2013 the mortgage company locked us out of our online account with no explanation. I called them and asked them why are we locked out from making our monthly payments. The response was it was in legal. I asked why and they said that they couldn’t tell me. I asked them can we still pay on our loan and they said no because it is in legal. At this time they stopped all monthly statements that were being mailed each and every month. I would keep in contact with them each month asking them why is it in legal and can we make a payment. Same answer as before. I went to bank and even tried to pay it at their branch. Again I was told by the bank itself, we can’t take your payment. Now here we are over 2 years of them not wanting to except our payments to where they are foreclosing on us. I had to retain a lawyer to help us with everything that happened to us. They finally sent a letter to our lawyer stating that they locked up our account and refused our payments because of some type of description problem. Now they want the payments that they wouldn’t take from us before or we face foreclosure. Do we as consumers have a chance to go after them for wrong doing and or have a chance to make them stop the foreclosure. We have proved that we we’re never late not even 1 time and as stated before we never missed a payment. Not sure if we would have any legal recourse against the mortgage lender. Any information will greatly help us. Thanks.

  8. I am 13 months behind in my mortgage. They offered me a streamline modification, where they will give me a trial period of 3 months and then my mortgage term will become 40 years, maturing in 2055. We originally took this mortgage in 2003. What I want to know is what happened to all the payments prior

  9. Tanya,

    Those missed payments may have been added to your outstanding loan balance. Best to ask them directly what the loan amount will be on the modified loan including missed payments, fees, etc.

  10. Hey Colin,

    We aren’t in horrible shape, we have been catching up on our mortgage, and at this point we are only 15 days behind. We had Wells Fargo send us a letter at the end of November saying if we didn’t make our single back payment by Dec 16th they would foreclose. We made the payment on time, but are currently 15 days behind on this month. We received a call from WF tonight and they threatened to start foreclosure on the 31st of Dec if we aren’t fully caught up.

    Can they file foreclosure on us for being (currently 15 days) one month behind as this bully on the phone with my wife claimed? WF has been a horrible lender, and instantly started to bully us when I had a job loss last year. We were originally 2 months behind but are less than one month behind now. They have been a horrible company to deal with, and I just want to know if they are just making empty threats, or can file foreclosure for being a month late, even though we continue to pay them.

  11. Kyle,

    Sorry to hear that. You may want to get a professional (lawyer) involved and/or notify the CFPB or another agency if you feel you’re being mistreated. Good luck.

  12. I’m currently staying at my grandparents condo to take care of it instead of letting it sit since they have passed away last year, an I’ve gotten a notice from the condominium association for foreclosure, the house is paid off, once the association has filed a nod is there anything to stop the foreclosure process??

  13. Jacquelyn,

    You may want to contact the HOA and see if you can pay the dues and penalties to get the account back in good standing instead of dealing with costly foreclosure proceedings. Good luck.

  14. I had gotten sick and had to stop working about 2 1/2 years ago. I’ve been trying since then to modify my mortgage. The bank did nothing to help. At first we were on time with payments, but I did notify the bank very soon we’d be unable to make the payments. They said if you’re current on your mortgage you won’t qualify for a modification. They told us we’d have to be behind on our payments before the bank would even open a mod application. Well…unfortunately that is where we ended up, late as we told them we would be. Then they tell us, you have to be current for them to help us. Seriously! We had to hire an attorney…after the bank filed a foreclosure on our home, and after us submitting countless mod packages never seeing the bank review one of them. They’d constantly tell us we were missing documents and continue to close the package process on us. The worst part is that it is a Sonymae mortgage and the lender does not participate with any of the government assistance programs that any other mortgage could help us. This lender ends up getting paid for the home whether we pay it or not. It is a horrific situation. What would give them incentive to help anyone in this type of mortgage if they lose nothing. Any advice would be so helpful. I’m at my wits end with this bank.

  15. Abby,

    Sorry to hear that, it sounds truly awful. Sadly, I’ve heard of this type of thing happening more often than not. You may want to file a complaint with the CFPB, or tell your bank you plan to if they won’t help. Maybe that will motivate them. Good luck.

  16. Thanks so much Colin…I really appreciate the advice. I am going to speak with my attorney about reporting the bank to the CFPB. I think that would be a great next step. The lawyer had mentioned an agency at one time that they’d contact if the bank did not cooperate, wonder if it was the CFPB. I will ask them. I hope and pray there is an end to this nightmare, sooner rather than later. Will let you know how things go.

  17. No offense, Colin, but I see no advice given from you! You always seem to just pass the buck! I did want to comment on Abby’s situation. What did the lawyer actually do for you? You should have asked him these questions. He sounds as if he passed the buck, too. Just what did he do you? Just commenting….

  18. Patrice,

    I try to give an overview and actionable tips as well…but let’s face it, foreclosure is between the homeowner and the lender/loan servicer. It’s not passing the back but rather making the point that you need to deal with your lender/servicer to sort things out. Or possibly consult a lawyer. I’m not offended. Let me know what I could add that would be more helpful. Thanks.

  19. Hi Patrice,
    Thank you for your comments. It is a very good question you asked…“what did the lawyer actually do for you?” I am very concerned about my current legal representation. I felt that once a lawyer gets involved, there should be more aggressive action taken, to force the banks’ hand. I have not seen anything new happening. Only more of the same…submitting package after package with the exact same issue, where the bank just continues to ask for “so called” missing documentation. Or more of the same documents, already submitted. The only thing that had changed from hiring an attorney is that they submit the package for me, and ask me only for what new or current docs that are requested by the bank. Although it alleviates the stress of me having to deal with the bank directly, if no momentum in the process is gained…what actual benefit is there. Oh, and they do attend the settlement conferences…two so far with no assertive action by the court. I know I shouldn’t have to ask my attorney to take a more aggressive stance, as it should be what one hires legal council for. But it is unfortunately the situation I’m in. I have asked my attorney to contact the banks attorney and work to make something happen. But nothing new has transpired. I’d hope to avoid having to change legal representation and then have to start over. I could not afford that financially or emotionally. I did contact another lawyer for advice to see if my current representation was on the right track. They said the repetitive nature of the package submission is typical even after the courts are involved, but felt the response that was sent to the initial foreclosure action wasn’t as strong as it could have been. I thought once the courts are in the picture it should expedite this process. But I’m finding out that is not the case. This has certainly taken its toll on me and on my husband. So I recently did some research online to try and find help, and that’s when I found this site. I have a follow up call with my lawyer today to discuss what options there are to put us in a stronger position. This whole nightmare feels never-ending and I feel completely helpless! I am open to trying anything at this point.

  20. My wife had become very ill 5 yrs ago with a lifelong illness. We fell behind on 4 months of payments over the past 5 years due to huge medical set backs. The bank is giving us the chance to apply for loan modification but our home is in pre-forecloses and they stop taking payments which is putting us further behind ( we are saving every monthly payment). Is this normal? Will we lose our home? Do I need a lawyer?

  21. Steve,

    The CFPB restricts “dual tracking” so lenders can’t pursue foreclosure while also considering a loan modification. Theoretically this may protect you but it also may not hurt to keep a close eye on the bank/servicer to make sure they don’t move forward with foreclosure.

  22. Colin,

    My bank has informed my attorney that they are going thru with the foreclosure on my home even after telling us both they were going to work with us and allow me to make payments but (no letter). The bank understands the tragedy that took place to me and that I was unable to work for 1 year after being shot multiple times by my neighbor; which is the reason I had an attorney prior to the foreclosure. The bank was offered a promissory note of the home being paid off with the insurance funds which they agreed over the phone but no letter from the bank; it’s like the bank intentionally mislead us.
    I was able to go back to work 8 months prior to the banks foreclosure but they wouldn’t let me pay on my mortgage at the time even when I had the money to catch up the past due payments and did not given any reason for my being locked out of my mortgage account in order to make payments.
    My attorney believes my best chance at this stage is to file a Chapter 13 Bankruptcy to slow the process down thereby giving time for the land owners insurance to settle the injuries I acquired from being shot multiple times. He is arranging a meeting for us both to speak to the bankruptcy attorney together…he may be scared of losing his percentage of the insurance claim but is hoping to bring this issue before a Judge I guess.
    We have also just found out that my home is listed under web sites that sell foreclosure properties before the foreclosure has been filed or taken place; we also believe the bank has a buyer already which is being looked into.

    Any words of wisdom other than good luck?

  23. Tom,

    I would suggest treating the bank the
    same way as your neighbor treated you.
    These villains have no sympathy for you.
    So no pity will be given unto them.

  24. Hi Colin. Not sure if this is the way to proceed to ask a question, but I’ll give it a try. I just have one question. I am 2 months behind on my mortgage payment and I am putting my house up for sale by owner. Can my mortgage company hinder or stop the sale due to the delinquency? I would appreciate any feedback, Thank you!

  25. Debbie,

    I don’t think they would try to hinder a sale as it probably wouldn’t be in their best interest, but they would likely want to collect late fees and penalty interest, etc. on top of the mortgage payoff amount.

  26. I have been assisted by a broker who told me he would get me my loan modification. He had a lawyer who would help but I learned three years ago that no documents were actually submitted and the bank has recently taken ownership over the house. I am still in my home but I am fighting eviction and just want my house back. I payed my mortgages on time but the bank wouldn’t restart my mortgage after it was stopped even, after me requesting several times to allow me to continue paying if the modifcation wasn’t going through. This was done initially because of the high interest rate but now I am faced with possible eviction.

  27. My father’s house (nj) is already foreclosed, must be out in 3 weeks. But he has been very ill, in and out of a coma in the hospital for months. My brother is POA. How could we stall this process?

  28. Kathryn,

    Maybe reach out to the loan servicer and let them know the situation if you haven’t already.

  29. Heather-does ur company ever buy properties at foreclosure sale and lease-option back to heir? Cash or cashier check required at foreclosure sale as u probably know.

  30. My parent’s were trying to bring their mortgage payments down, they had refinance once a couple years back. That had helped at the time but in late 2015 they decide to try refinancing once again with help of some lady, who told them to stop payments for 3 months. She also asked for 5 thousands dollars then she disappeared. My parent’s seeking for help went to other lady, who told them to pre-foreclosure sale to stop the bank from foreclosure but my parents were seeing that the lady was just asking for money but nothing had changed. They completely stop working with this lady and went straight with bank to get help from them. They have continued paying the mortgage but they very close to losing our home. What advice can you give to help prevent that from happening

  31. George,

    Unfortunately this type of scam/bad advice seems to be rampant. While it may not be completely avoidable, perhaps researching the company/individual thoroughly, checking their business license, etc. to ensure they are legitimate. And that what they’re offering is legal/makes sense. Hopefully they get it worked out…if their own bank can’t help, maybe the bank can advise them of other options or programs to save their home. There are also government options such as Making Home Affordable.

  32. Mr. Robertson,

    I am trying to find something out that seems to be eluding my research.

    My husband and I are considering relocating down south (for multiple reasons, we live in PA and do not care for the condition, and high taxes of the state).

    We are able to pay our mortgage. However, our neighborhood is going down hill. Everyone is in such a hurry to sell their houses, they drop to a very low amount and the wrong kind of people buy them. To add to it, the county in which we live invites the wrong crowd by offering government supplied incentives.

    Should the worst case scenario occur, and while we are able to make mortgage payments, we would have to spend thousands and thousands out of pocket to close to sell (given its dropped value, if something comes up in the inspection that must be fixed, a request for sellers assist, the realtor fees and so on), we would not be able to sell. We would not be liquid enough. Therefore, we would have to walk away.

    We both agreed we would be more than okay with renting for awhile. So here’s my question: If we obtained a place to rent before the foreclosure hit, and kept our mortgage current, would we have to prove to the landlord that we can afford the mortgage AND the amount of the rent?

    Kind Regards.

  33. Allison,

    That would probably be stipulated in your rental contract and/or between you and the landlord. Some landlords are very meticulous, others don’t seem to care very much as long as the rent check keeps arriving every month. Good luck!

  34. I had taken a 30 k a year pay cut when I became an employee of a company instead of continuing to contract.. I have lived in my house for close to 13 years now.. I went through loan modification & it lowered my 1st mortgage about $150 a month.. Lowered my 2nd by about $75 which is my line of equity… There is a third one as well but that one is almost paid off in full.. I have missed a month here & there my dog got really sick & vet bill’s ran me over 2 k.. My credit is in the toilet because of this.. I have been cutting back on all expenses.. To catch back up.. I need power & internet as I work from home.. I think I’m about 3 months behind total… I know I can pay 2 of them right now but they will not let me access the accounts to pay it… What should I do? When I call I get transferred here & there then back & then by the time I would be able to talk with some one it’s past their normal working hours.. My parents both just pasted away one July 8th & the other in Aug 9th. Both had stage 4 lung cancer.. Father had been battling it for 2 years mother found out she had it day after mothers day my birthday.. Needles to say 2 months later she died… I have had one hell of a summer this year let me tell you.. But I am now ready to come back to earth & try & fix this??? What do I do?? Any advice would be greatly appreciated??

  35. Karen,

    Really sorry to hear all that. Might be helpful to speak with your loan servicers directly and if they aren’t being forthright, there are agencies that protect consumers such as the CFPB that might be able to help. Good luck.

  36. Hi Colin,I was quick claim deed it a home and it was put in the trust for me.I fell behind two months because they account of my escrow $1500 short.i’m in the process of getting a modification because my income is not like it used to be.but there’s daddy put more money on my Escrow now $500 more short.The home loan is not in my name is is in the deceased was a mark against my credit.they took one of my payments and put it applied it to the principal so now it makes me look like I’m short a payment.send me letters of a representative never cook collard never could get in contact with her it’s just been a mess.I would like to get away from this Ditech and get another company but now my credit is terrible what should I do!!!I want the house I’ve been here 11 years have almost $100,000 equity in it.

  37. Georgette M Williams

    I’m trying to save my home, my sell date was February 1st and the mortgage company has brought it back, can I still save it?

  38. Georgette,

    I don’t know, may want to speak with the lender/loan servicer directly and/or a housing counselor to determine all your options. Good luck!

  39. Hey i am 90 days behind on my usda mortgage i have the money to bring it current i recieve a letter notice of acceleration of loan can i save my mortgage

  40. Keith,

    Probably best to speak directly with your lender/loan servicer to get the proper details. Good luck!

  41. My mom passed few years back and left the house to me and my brothers. It seems the mortgage company found out she passed and now won’t talk to us about the mortgage loan. We have been paying but fell behind and now it may go to foreclosure. To get out out we need to pay what’s due and some reinstatement fees. Is that correct? Will that be all it takes. The deed was put into our names but mortgage company still won’t tell us anything.We plan on selling eventually.

  42. Andy,

    Hard to know without all the details, especially as they won’t speak to you. Seeing how serious it is, could be advisable to speak with a real estate attorney or someone else knowledgeable about foreclosure law and inheritance that can establish communication with the lender.

  43. Colin I’ve gotten a forclosure letter I’ve tried everything including hud I have a fha loan I don’t want to lose my home I don’t know where me and the kids will go I’ve already did a loan modification any information may help

  44. Rob,

    Sorry to hear that. Getting in touch with your lender/servicer about loss mitigation options, speaking to housing counselors, seeking out loan mods, asking family for help, etc. are generally the options borrowers employ to lower/defer payments in order to maintain homeownership. Good luck.

  45. My name is Jose. I own 35000 in my house I’m behind 1 month of 775. I don’t have work my house value is 130.000. I don’t want to be in foreclosure.

  46. Behind 9 months ,loan mod not a possibility, have hearing may 2 2017,I have job just fell behind.Need more time to save I have past due amount but lacking the legal fees.i need more time and don’t want to loose home and don’t know what to do.have poor credit and tried money mutual and other loan comps but denied due to my poor credit.

  47. Didn’t get to pay last month on modify. I want to quick sale what do I do first? Ive tried contacting bank. Loan threw. And my husband talk to people about chapter 13. I just want away from house cost to much too much house and property to take care of because im usually gone 2 to 3 weeks out on road and only home maybe 1.5 days. What are my options please help. Next week hauling bees and wont get a chance to stop at all and no reception on phone for a lot of time.

  48. Can the bank foreclose on my house if I’m not currently living in it due to repairs it’s needing. We are also working on getting it on the market after repairs are done. All payments are made on time, but we just don’t currently reside there at the moment. Is foreclosure a possibility?

  49. Emily,

    Not sure what your agreement is with the bank and if you informed them of the repairs and your intention to list once complete to prevent foreclosure proceedings.

  50. Unfair and corrupt mortgage practices. Wells Fargo was the original mortgage on our new brownstone in downtown Savannah. We had to move to Cincinnati because of my wife’s work. We missed a few payments and were notified the day before (one day) Wells Fargo sold out property and brownstone to another individual. Now we are renting and have lost all of our equity that we had in that brownstone (100K+). Is there a statute of limitation on how long we have to take WFM to court to try to get our money back? Is there anything we can do? This happened in 2012

  51. Hello Colin,
    my family and I have been renting a house for the last 4 years and then we received something in the mail that the house is going to be auctioned in December of this year if the back taxes are not paid or the house is not brought up to current status. so I asked a few friends from church and they advised us not to pay the landlord rent but to find out who the owner of the home is and to pay them while I try to find another place to live. I’m obviously finding another place to move us but now the landlord is saying that its not true and is trying to get money out of us and saying he has to move back in. I haven’t made a payment in a few months but during that time he never contacted us in anyway the only form of communication that i received was a notice to vacate in 60 days as per the civil code of my state but it was given 2 days after we received the notice in the mail of the property auction. will i be forced to pay the landlord the money he is demanding on top of saving to get a new place. I’m a single father with 5 kids and not many options. brutal truth if possible.

  52. Adam,

    Hard to say…I don’t know if a renter is exempt from paying rent just because the owner is delinquent on property taxes. If the renter is still getting a roof over their head and all else that they agreed to with the lease it may not matter that the owner is getting fined or facing the risk of losing the home. If those actions eventually affect the renter in some way, it might be a different story, just not my area of expertise.

  53. I am 2 bank payments behind on my mortgage. my husband had major heart surgery. so he on disability. we went 8 months without any income our children paid the bills. because 1 year ago he had his knee replaced so all of our money we had saved is what got us thru that 3mths. we had no time to save any money. then all of a sudden this happens we had to wait 6 mths to sign up on disability it got approved quick no back pay from them. we owe 15 thousand more on the mortgage. is there any program in the state of w.v that could help us. thanks kim. are credit is ruined it is like a 570. kim c from barbour county w.v today date is Dec. 4th.

  54. Kim,

    There is the West Virginia Housing Development Fund (WVHDF), which is the state’s affordable mortgage finance agency. They may offer solutions, though you may also want to speak with your lender/loan servicer to see what options they offer to get you back on track. Good luck!

  55. We are losing our house with 3 little girls living in it. I have money and am trying to pay but they wont accept it. I am so lost and the lender will not work with me. It’s as if they want me to lose my house.

  56. Greg,

    If the lender is unwilling to help, have you thought about reaching out to a state housing counselor to seek assistance. Or a similar third party? Good luck! Check out the link in the article above to HUD’s Foreclosure Avoidance Counseling page.

  57. My Mother passed away Jan 2016. I was living with her and I am still living here. The payments are $950.00 a month.
    She went through a divorce and was re buying the house.
    I am waiting for a disability hearing. I had worked for 20 years for the United States Postal Service. So I had a retirement account. I was able to get that money and make the payments. The money ran out after a year and a half.
    I am now behind 5 months. I will be getting my pension
    but not until May. Yes, the mortgage people will not talk to
    to me because my name is not on there. And the worst
    thing is no will was ever done! I don’t know what to do.

  58. Try NACA they are non profit they helped me and a few others I know years back. They did reduce my rate and helped with a modification.

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