No matter what you may feel while you are dealing with your bank during your foreclosure you are not alone. Many people are going through the same process as you are, stemming from difficulty paying their mortgages. Late payments and other challenges have the banks threatening to repossess their homes, but, contrary to popular belief, you can work with the bank to stop foreclosure.
Stopping foreclosure is a humbling experience for anyone, but the key to making the process as easy as possible to be upfront and honest with your lender. You will want to get in touch with them immediately when you are starting to have problems with your payment. If you wait until after you have begun missing payments; it may already be too late. By communicating with them early, you may be able to work something out that benefits both of you.
It is a common belief that banks enjoy repossessing homes, but this could not be farther from the truth. If you are open and honest right from the start, the chances are that they will help you find a way to prevent or stop foreclosure proceedings. They may be able to offer you some financial assistance or even allow you to make double payments to get caught up.
When a bank repossesses a home, they are losing money. When the bank owns a house without anyone making payments on it, then they have a tremendous asset that is not generating any income for them. The longer they hold the home without income the more money they lose. To prevent this loss of profit many banks have special programs that you may be able to take advantage of to stop foreclosure.
Many people think of the bank as their enemy, or they let their pride stand in their way of asking for help. If you think of the bank as a partner, who may be willing to help if only you ask, they may surprise you.
Stopping foreclosure is possible. The most important thing to do is to take action early and open communication with your lender to see how they can help. Once they realize you have had difficulties and are willing to do what it takes to make, things work you may be surprised to find out how much help you bank can be.