Foreclosure is a legal process that is instigated by a mortgage lender or municipality and is something that you can fight. The question of how can you fight foreclosure is one that many people ask. The good news is that there is a positive response to this question and a number of different ways that you can go about fighting foreclosure.
Working With Your Lender
One of the best ways to fight foreclosure is to take action before the process starts. If you feel that you are going to miss a payment or could be close to foreclosure, you need to work with your lender. Reaching out to your mortgage lender and explaining your situation is one of the best ways to stall the foreclosure before it really starts.
When you contact your mortgage lender, you should ask about modifying your loan. Most lenders will be open to modifying the loan as getting 50% of their money is better than nothing. As long as you are able and willing to pay something toward the mortgage, the lender should be willing to modify the terms of the loan.
Ask For Forbearance
While talking to your lender before foreclosure becomes an issue is good, you might be wondering how can you fight foreclosure that has already started. The first step you should take is asking for forbearance. It is important to note that this is a temporary way of stalling a foreclosure and will not end the process completely.
Forbearance will allow you to either make partial payments of your mortgage or no payments for a specified amount of time. This amount of time will be agreed upon with your lender when you ask for forbearance. However, you will eventually have to pay the full amount of the loan.
How the remainder of the loan is paid will be agreed upon with your lender. Some lenders will want you to pay a lump sum to ensure that you are up to date on your payments. However, there are other lenders who will allow you to pay an additional amount each month over and above the normal mortgage payments to make up for the amount forbore.
File A Written Answer
If you are going to fight the foreclosure in court, you will need to start by filing a written answer to the foreclosure complaint. You will also need to attend all of the hearings in relation to the foreclosure. This will stop the lender or county from getting a default judgment against you, but will not completely stop the foreclosure process.