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The one thing that many home buyers are not aware of is that they can avoid foreclosure. Foreclosure will take place if you miss consecutive payments on your loan or mortgage. It can be due to many reasons but the lender is more concerned about his loan more than why you missed the payment. So the first thing the lender will do if you miss payments is initiate a process of foreclosing the property.
The process normally takes 30-45 days and even a month or two in certain states. This period is called the pre-foreclosure period and this is when you can try various options to avoid foreclosure. Because once it is declared in the list of foreclosed homes, you will not be able to get it back.
Option 1: Approach the Lender
Visit the lender and ask him for a reinstatement. Reinstatement can take place if you have the ability to pay a lump sum amount to bring your mortgage payments up to date.
You can also ask the lender for forbearance. Forbearance means you can delay your payments for a short duration and then pay what is required to bring the payment account up to date.
If you know that you will have the necessary funds within a short time then you can also request the lender to combine forbearance with reinstatement.
You can also work out a repayment plan wherein the lender will provide you an alternative payment plan till the time your account is not up to date.
Option 2: Sell your home
If you are unable to pay back your loan at all then the only option is to sell you home directly to a buyer. This will help you to avoid foreclosure as otherwise your home will be declared amongst other bank foreclosures and displayed in foreclosure listings.
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