Talk To The Bank And Stop Foreclosure In Bergen County

December 1st, 2009 | Author: Gail Petry

With the current economic crisis, as hard as most homeowners may try, it is just not that easy to maintain and keep up with their mortgage payments every month which may eventually lead to the foreclosure of the property with all the other payments that need their attention. It’s a sad day when a homeowner watches their home go up for auction in a Sheriff’s Sale. There are many other options out there for you to stop foreclosure in bergen county if your home is in default and you are in a financial reversal situation.

To save your home, you can continue payments on a modified payment arrangement with the bank, or it would be advisable as well to seek the advice of your lender or investor on discussing a reinstatement plan where you can mutually decide a time frame within which you will make the total payment. The last thing any lender would want to do would be to foreclose the property, but putting off the foreclosure process is inherently difficult even for professional real estate investors. One of the problems with not talking to your lender is that they may assume that you are simply succumbing to foreclosure, so be in constant communication with them to prevent this. If you try your best to work with the bank by keeping in touch with them that will payoff in terms of the loan officer providing you alternatives possible to alleviate your financial situation.

Conversely, if you did not communicate and work out an arrangement with the bank, your property may be up for auction sooner than you think. Keep in mind to do the steps necessary to stop foreclosure in bergen county well before the planned auction date so you can effectively prevent or delay the sale. However, a couple of weeks just won’t cut it if you plan to short sale your property, as this process involves time-consuming negotiations and data and foreclosure information gathering. The loan officers at the bank will not be forced to foreclose as long as you try your very best to keep up with the mortgage even with just marginal payments.

You may be able to put off a sheriff’s auction by letting them know you are working on a short sale, but only say this if you really are contemplating a short sale of your home. This information alone may be enough to get you another 30 days extension. Partial payments may not cut it for all cases as some banks will only stop or delay foreclosure upon receipt of complete mortgage payments. Just in case you ever get yourself in this bind, research on other financial options like renting the property so you can keep the property and have someone else paying most or all of the mortgage for you, among others.

To ensure an extension, make sure you send a copy of it yourself directly to the attorney in charge of the foreclosure. Contact the attorney to get an acknowledgment that the extension has been noted and will be acted upon. Also contact the person in charge of the Sheriff’s auction to know for sure that your house has been cleared off their list. Just to be on the safe side, it would be best to get a copy of the list so you can check it yourself.

Those are the options available to you and the best thing to do is to learn all you can about these options and do what you feel is right for you in your situation to stop foreclosure in bergen county. These methods may be effective for most, but there can still be cases in which these doesn’t apply. To let the mortgage company know of your financial situation, call them right away the second you miss a payment so they’ll know you still want to keep your mortgage and grant you an extension on the foreclosure.

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Talk To The Bank And Stop Foreclosure In Bergen County