I've been a real estate agent a long time, and most of the clients that call me to try and save their home are under the misconception that you need to hire an attorney to stop the foreclosure process. When you're on the verge of losing your home, paying a attorney $1,000's of dollars is usually not an option. While attorneys are an option, they are not your only option. In fact, if you know just a few simple secrets, you can stop foreclosure without a attorney. Let me tell you how.
First a Facts About Lenders and Foreclosure:
1.) Lenders hate foreclosures: It costs them money, it costs them time and lenders will never recover their financial losses if your home goes into foreclosure and the banks have to sell it. In addition, the lender will incur attorney fees, real estate agent fees, maintenance fees and a host of other costs that make the foreclosure process an absolute last resort for them.
2.) Lenders Employ Real People: I understand being afraid to try and stop foreclosure without an attorney. Many people think of their lender or bank as a large, heartless institution. But the fact is, the people at the bank you will talk to our just that: real people. They'll listen to your situation and will usually try to work out a solution that can help them and you. Don't be scared.
How to Stop Foreclosure Without an Attorney
If you're going through the foreclosure process and you haven't spoken with your current lender, you're not alone. In fact, most people who go through foreclosure never pick up the phone to try to stop foreclosure without an attorney. It's understandable, but unfortunate. The foreclosure process can be bewildering and most people think you need an attorney to help you work through it.
Hopefully now you're a little less afraid to step out and try to stop foreclosure without a attorney. Here's what to say and how to approach the bank when you call them to negotiate:
1. Do not wait until the last second: If you can, call your lender before you go into foreclosure. If you already are in the foreclosure process, don't wait until the last month possible - call them now. If you know you're going to start missing mortgage payments, call them ahead of time. Trust me, it makes a difference and shows good faith.
2. Be honest with the lender: If you lost your job, tell the bank. Huge medical bills? Tell the bank. Many times a hardship can help you re-negotiate, avoid foreclosure and start getting back on track with the lender.
3. Don't be afraid to negotiate: Lender hate watching one of their properties to foreclosure. It costs them huge amounts of money both in lost revenue as well as in additional expenses for attorneys and real estate agents. Use this to your advantage and don't be afraid to ask for a rate reduction, payment arrangements, etc.
What if Your Lender Won't Work With You?
While calling your lender can often solve your foreclosure problems, it is still possible that your lender won't work with you to stop the foreclosure process. Don't quit!
Even if your lender won't try and work things out, there are still many methods to stop foreclosure without a attorney. In fact, there are several systems available online to guide you through the process of saving your house. Most of these systems cost less than $50 and can give you the tips and tricks an attorney would charge you thousands of dollars to use.
I've spent countless hours reviewing these programs for my clients. You can find my reviews by clicking the about me / resource box on this page. Just make sure you research all of the available systems. I've gone through a lot of work to identify the scams out there, but the good programs available to help you stop foreclosure without an attorney are worth their weight in gold!
Good luck and don't quit! You can save your home!
As a real estate agent specializing in foreclosures and HUD homes, I've seen too many people watch their homes fall into foreclosure. I've set up this site to help you compare the available systems to help you stop foreclosure without an attorney.