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Thursday, December 21, 2006


andrew thomas

you may not need an attorney to stop foreclosure quick

“if you are facing foreclosure, it is imperative that you look into options to stop foreclosure quick.

If you are facing the possibility of losing your home, you can take action, such as a loan modification kit or short sale, to stop foreclosure quick. In this article, you will learn about some possible actions that you might take to stop foreclosure quick.

Depending on the laws in your state, you may need an attorney to stop foreclosure quick. However, in most cases, you DO NOT need to consult an attorney, which could save you thousands of dollars. You must move quickly if you wish to stop this process. If you have fallen behind on your house payments, you will need to contact the mortgage lender and attempt to negotiate a reasonable repayment schedule that will get you out of arrears.

As foreclosures are becoming more common, many people are simply walking away from their homes when a few phone calls or a loan modification kit may have been able to stop their foreclosure quickly. Mortgage lenders are willing to negotiate, and absolutely would rather you come up with alternatives rather than them having to legally take your home.

You should be aware of what the laws are in your state to see how much time you have to stop this process. In some states, such as Arizona, you will need to move quickly, but if your state has judicial foreclosure, such as Florida, you probably have more time.

Knowing your states legal timeline will allow you to stop foreclosure quick, because you may have more time to research what option will get you the best results for your particular situation. However, you must follow through on the option you choose, because if you fail to do so, you will be right back where you started.


Most of the borrowers who took the loan on the subprime basis resulted in foreclosure, so it is better that the borrower has to see whether his budget will permit him to pay the high monthly statements or not, he has to be very conscious while taking the loan or else he may loose his property.


In the US nearly 750,000 owners are in trouble – this is up about 96% for the first eight months of this year (2007). You must first asses your ability to make payments on your loan before you consider the steps that need to be made to stop foreclosure and the refinance options available to you. If you are buried in debt then you may not b able to carry the burden of even a lower payment. You must ask yourself if the lower payment is better for your budget than getting in a lower rent situation. If saving your home from foreclosure is a viable option to consider then you must make contact with the lender who is trying to foreclose on your property. It is likely that they are already in contact with you so this may be easy to do. If you are several months over due you might need to make up a payment or two to negotiate with them to stop foreclosure. You can also show proof of your progress to refinance your home and stop foreclosure. The loan company or lender you are dealing with may have private investors that can help you out. Many foreclosure investors are in constant contact with lending institutions seeking loan opportunities for foreclosure properties.

Jeff Sovern

My understanding is that subprime lenders do expect a higher level of default than prime lenders--which is why the lenders charge a higher interest rate which at least theoretically compensates them for the greater risk they're assuming--but I would be surprised if they expect that high a default rate. Some evidence also suggests that some subprime borrowers have good enough credit ratings to borrow in the prime market, but that they are steered into the subprime market.

Brian Wolfman

Do the lenders really have a different expectation? I thought that subprime lenders expect a high level of default.

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