Hardship Letter To Stop Foreclosure – DIY Tips

Stopping the foreclosure can be done by yourself – it is not a must that you need to get pro help for such a process.But yes of course you would be required to work more in reading how to prepare the application,writing best hardship letters etc,.These are not hard at all.If you sit before your computer and access the real estate and foreclosure websites for a few hours,you will get enormous details about these processes.You can also read about the personal experiences of home owners who were successful in preventing the foreclosures.

Steps for foreclosure prevention:

These are the steps you need to take for the prevention of a home loan foreclosure :

  • Call the lender and let him know that you are facing hardships temporarily and would like to talk about solutions to escape out of a foreclosure,
  • Many people are of the wrong misconception that the lenders would not want to hear people say “I am not able to pay the mortgage payments any more” – NO.The lenders would want to avoid the foreclosures and instead they would ready to give a solution for you,
  • After the initial communication,fill the application,prepare the best hardship letter to stop foreclosure and submit them with all the documentation to the mortgage lender.

Loss mitigation department and collection departments are different:

Never refrain from communicating with the loss mitigation department – they are going to be your home savers!It is the collection department with whom you should be required to cut communication.So once the loss mitigators try to contact you,give them full details.Foreclosures arising out of the poor credit mortgages and other loans are not hard to prevent if you remain pro-active.