Facing foreclosure . If I pay amount due before foreclosure process is completed . Can they still foreclose ?
Question:
Answer:
No, not if you pay in full. A friend of mine went thru this a year ago, below is part of an article I found for him.
You must put your pride on hold if you're truly serious about stopping the foreclosure process. Lenders do not want to foreclose, and will usually work with you to get you back on track.
Rule #1: Contact your lender as soon as you know your payments will be late.
Rule #2: Never ignore the lender's letters or phone calls. Ignoring the problem won't make it go away.
Rule #3: Never assume your situation is hopeless.
Solutions for Temporary Problems
Reinstatement
Reinstatement might be possible when you are behind in your payments but can promise a lump sum to bring payments current by a specific date.
Forbearance
In forbearance, you are allowed to delay payments for a short period, with the understanding that another option will be used afterwards to bring the account current.
Lenders sometimes combine Forbearance with Reinstatement if you know you'll have the funds to bring your account current by a specific date.
A Repayment Plan
If your account is past due, but you can now make payments, the lender might agree to let you catch up by adding a portion of the past due amount to a certain number of monthly payments until your account is current.
Solutions for Longer-Term Problems
Mortgage Modification
If you can make your regular payment now, but cannot catch-up the past due amount, the lender might agree to modify your mortgage. One solution is to add the past due amount into your existing loan, financing it over a long term.
Modification might also be possible if you no longer have the ability to make payments at the former level. The lender can modify your mortgage to extend the length of your loan (or take other steps to reduce your payments).
Good luck in stopping this.
Usually you have until the morning of the foreclosure auction, before your home goes to the steps. You will have to pay your past due amount and all the fees associated with taking the property to foreclosure (ie attorney fees, filing fees, etc.) But it can be done.
You have to contact the bank and get the correct amount. There will be late fees and all of the foreclosure costs to date as well. They usually require payment in full, all of the past due in one chunk. But, yes, they will stop if you make good on your debt.
If you pay the amount that is due, the bank can choose whether or not to forclose. Since you were in breech of contract by not paying on time, they are allowed to take either action.
Chances are that they will not choose to forclose if you can pay them since it would keep them from having to conduct an auction/all that additional paperwork.
No, they can not. The bank is foreclosing because you owe them a certain amount of money (that increases daily), and if you pay them that amount, there is no reason for them to foreclose on the property, and the courts will not allow them to pursue the foreclosure.
Make absolutely sure that you know how much the reinstatement figures are, though, and what date they are good through, and get your payment to them a few days before that date. Banks are pretty notorious for screwing customers and holding payments for a few days and then sending it back to you because it's a few dollars short because more interest was added in. If they say that you didn't send the right amount, then they can proceed with the foreclosure process.
Good luck.
ForeclosureFish
http://www.foreclosurefish.com/...
If you pay the amount requested by the lender, they can not foreclose. Why would they? They are in the business of lending money NOT owning homes.
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