A stop foreclosure loan is just that: It stops foreclosure proceedings on your home. It generally involves refinancing, or redrawing, the original mortgage so you have lower payments each month. This action means you’ll be paying the loan for a longer period of time, but you get to keep your home, so it’s worth doing. You can find mortgage foreclosure help online or through your original lender. This may involve taking out an entirely new mortgage or obtaining a home equity loan. An HEL lets you borrow from the equity in your house and offers lower monthly payments and interest rates than a traditional loan.
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The odds are that reverse mortgage foreclosure will not happen 90% of the time. In particular situations, though, it might. One of those occurs when the borrower passes away and his or her heirs continue to draw from the reverse mortgage funds. Once the lender is made aware of this behavior, if the heirs refuse to repay the funds they used, the property may be foreclosed upon and sold to regain the money. Another situation involving reverse mortgages that could end up in foreclosure happens if the loan is due and payable, and the borrower refuses to or cannot repay it. Additionally, if a borrower’s property is in disrepair and he or she refuses to improve upon it, the foreclosure process can begin.
The above information is meant to help you stop the foreclosure on your home. No one wants to have to leave the house they love, so doing whatever you can to remain in it is vital. If you want to learn more about foreclosure and how to stop it, Credit-yogi.com is a great place to do so. They have outstanding customer service and can be very helpful to you.