Add Back Payments to Loan Balance to Stop Foreclosure on Loans

Stop foreclosure loans by adding back payments to loan balance. Indeed, a property foreclosure is a traumatic experience that can taint your credit rating and at the same time, make you lose the home that you have worked so hard for and have grown to love. By making back payments, you have a chance of stopping the foreclosure process. Here are the things that you need to do.

Contact Lender

Make a letter to the lender or its foreclosure attorney to inquire about the total amount due. Ask for any fees on court, lawyer, filing, and late payments that may be compounded onto the cost. This will give you the exact total amount of money that it will take to settle all back payments and all the other costs involved in the foreclosure. Send the letter by mail so the lender has to sign in. Do not forget to keep a copy of the letter so that you have evidence that you attempted to stop foreclosure by contacting the lender to be able to make back payments.

Make Back Payments

Send the lender a certified check containing the exact amount that was indicated in the lender's reply regarding the amount of money required to stop foreclosure. Make sure you include a list that allocates the money into all the fees that needed to be paid including mortgage, late penalty fees, lawyer fees, filing costs, and so on. Also, keep a copy of the certified check and itemized list so you can easily find out if the money was distributed to the right places.

Request for Notification

Once you have sent the back payments, inquire for notification for receipt. You have the option to track the check's delivery online so you can print the proof for recording purposes. As soon as delivery has been made and confirmed, notify all parties involved for the foreclosure to be halted.

Getting Legal Help

If you are having difficulty dealing with this matter, approach a foreclosure attorney for help. A lawyer will be able to guide you on what to do to stop foreclosure loans.