| u do not have a plan for how you are going to stop | | | | dates include: court dates, foreclosure sale date, right |
| mortgage foreclosure, your chances of being able to | | | | to cure date, and right to redeem date. Some states |
| do so are not nearly as good. It does not have to be | | | | have a right to cure and a right to redeem written into |
| complicated, a simple document with what you need | | | | the laws that govern foreclosure in the state. A right to |
| to do laid out in simple steps will work, but it does need | | | | cure essentially means that you have the right to |
| to have a few critical pieces. | | | | come up with all of the money necessary to |
| Your plan should include the money that you will need | | | | “cure” (reinstate) the loan. This will |
| to come up with upfront and where you are going to | | | | include all payments you have missed, late fees, |
| get that money from. In order to stop mortgage | | | | attorney fees and any other fees. Make sure you |
| foreclosure, chances are good that you are going to | | | | know what the right to cure dates and timelines are |
| need to come up with at least some money. How | | | | for your state. A right to redeem is essentially the right |
| much money that is will depend on several factors, | | | | to come up with all of the money that you currently |
| some of which include how many payments you have | | | | owe your mortgage company. This will be whatever |
| missed, how much your mortgage company is | | | | the outstanding balance is on your loan and any fees. |
| charging in late fees and attorney fees, and how far | | | | Again, if your state has a right to redeem, make sure |
| your foreclosure has progressed. | | | | you know any dates associated with that. |
| The best way to figure out how much money you | | | | Your plan should also include contact information for |
| currently owe your mortgage company is to call them | | | | your current contact at your mortgage company and |
| and request a reinstatement amount. This tells you | | | | your mortgage account number. In order to stop |
| exactly how much you currently owe your mortgage | | | | mortgage foreclosure, you will have to work with your |
| company. Reinstatement figures typically are only | | | | mortgage company and you will need to have a |
| good for a specific amount of time so be sure to get | | | | contact at the mortgage company who is willing to |
| that timeframe accurate in order to stop mortgage | | | | help you. This person may change during your |
| foreclosure on your home. | | | | foreclosure process so be sure that you always have |
| Your plan should also include any important dates and | | | | a current phone number, email address and fax |
| deadlines. If you miss an important deadline, you can | | | | number for whoever your contact is at your mortgage |
| seriously harm your chances to stop mortgage | | | | company. You will always need your mortgage |
| foreclosure on your home. In the documentation that | | | | account number when you speak to your mortgage |
| you receive from your mortgage company’s | | | | company about your foreclosure so make sure that is |
| lawyer, you should find all important dates. These | | | | always handy. |