When a borrower takes out a loan to purchase a home, the borrower signs two sets of documents. One is the Promissory note which declares how much the borrower owes, and when the money will be paid back. The second set of documents is the deed of trust.  These documents outline the process whereby the lender can take away the home if the borrower does not pay.

Foreclosure laws vary by state, but nowhere is it illegal to stop Foreclosure sales. It may be embarrassing that you can not make your payments, but the Deed of Trust gives you rights which banks are slow to mention.

If you are bound to become a new Foreclosure, even before the file is handed over to a Foreclosure service, you should know your options. With this knowledge you can choose an appropriate course of action. Everyone's circumstances are different, but once it is evident that you cannot make the mortgage payments as agreed, do not wait to get help. Consult a Foreclosure attorney or a skilled loss mitigation specialist to learn your rights.

Many homeowners continue to borrow money to pay the mortgage out of shame or pride. Many of these homeowners realize they can't afford to keep making their payments. Once they find out what their choices are, most homeowners realize that there are options they have never considered.

For instance, while the Foreclosure process is playing out, you may elect to remain in your home even though you are not making the payments. You remain the owner until the Foreclosure is complete. You also have the power to try and negotiate a settlement with your lender.

Arm yourself with knowledge. Don't be fooled into deeding over your home to someone looking to buy Foreclosure homes cheaply. Don't let your lender talk you into making partial payments until you know what consequences will affect you.

To find a skilled negotiator or more information about stopping foreclosure, email us at  info@wabroker.com. Information is always free.