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What to do when your home is in foreclosure

Updated on October 4, 2012

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You have a foreclosed home. What now?

For most the fact that their home is at risk of being in foreclosure should not come as a surprise. After a couple of missed payments the calls start coming in. Is it the adjustable rate that saved you money at the starting to outweigh your incoming revenue? Or maybe a sudden lay off has you in trouble. Millions of Americans each year are finding themselves having financial problems that effect the amount that they can pay towards foreclosed homes. While it all seems to be falling apart there is some light at the end of the tunnel. The one positive of home foreclosure is the fact that it takes time for a full foreclosure to even go through. Some foreclosed homes processes take from between 6 months to a year and a half or even longer depending on what state you reside in. If you are only a couple of months behind on payments your lender a work out an arrangement to make up those payments and keep your home. The fact is that banks do not want to send a home in foreclosure because of the amount of money that they potentially could lose in the long run. If at all possible keep fighting, and you just might find a way out of trouble. There are many programs as well as scams out there, so as always be careful what you sign.

Save your home

Once the possibility of foreclose is near there are a couple of options for a home owner to choose from. The first option that you can choose is to reinstate your mortgage. Depending on the state that you live in, after a lender declares your loan in default there is a time period in which you can reinstate your mortgage. In order for this to happen you must at that time be able to payoff all missed payments a late fees that are owed. With reinstatement you want to be sure that you can pay the full, otherwise if not paid in the allotted time frame the lender can then speed up the process of foreclosure.

Another option is to contact the lender to work out a payment plan for missed payments. The hope is that the bank will work with you on ways that you can pay back the money owed, either in monthly installments or at the back end of your loan. You can also look into a nonprofit housing agency for help getting your account back up to date.

You can fill out for chapter 7 or chapter 13 bankruptcy. With chapter 7 you can eliminate most of your other bills that are preventing you from paying your mortgage on time. This is a quick but effective way to get out of debt and back on the right track to financial freedom. Chapter 13 bankruptcy is an option over the long haul. It also is a great way to get rid of a second or third mortgage.

There is also taking out a reverse mortgage. Is a great way to get back on track, but is one of the hardest to obtain. In order to be eligible for this type of mortgage you must have allot of equity in your home to draw from, and you must also be over the age of 62.

If you are persistent you can take the fight to court. Bringing the battle to court is a 50/50 chance to keep your home because of the fact that many banks can not produce the proper paper work to show ownership. I would only use this as a last resort because of the amount of money needed to pay court and lawyer fees, but if you are able to win there is a small chance that you can walk away without having to pay quite as much.

Remember in the long if you would like to keep your house like so many other things in life you must fight for it. There are many other programs out there besides the few that I have presented today, it’s up to you to take advantage of them, but beware of the scams as there are allot of them out there.


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