POINTS TO REMEMBER:
• You might be able to stop foreclosure by reinstating your loan — catching up on any payments you’ve missed, plus applicable fees and costs you’ve incurred, to get your scheduled loan payments back on schedule. • If you’re financially able, you can avoid foreclosure by redeeming your property — paying off the full balance of your loan plus costs related to your late payments and foreclosure. • Either of these methods will require contacting your lender to make arrangements and obtain the amount you need to pay. Plan ahead, and don’t wait until the last minute. • Filing for bankruptcy — which is a last resort — has long-lasting effects on your credit and ability to purchase another house. Consult an attorney before taking this drastic step.
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