Foreclosure in Bastrop>Question Details

Becky Mcginn…, Real Estate Pro in Bastrop, LA

What can a homeowner do that is wanting to have their loan modified and keep from going to foreclosure. They have approximately 1 1/2 months

Asked by Becky Mcginnis, Bastrop, LA Tue Jan 19, 2010

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It is important that you contact your bank and talk with the Home retention department. Remember that Banks do not want to be in the Real Estate Business! The banks also hate foreclosure. You can contact me directly if your bank will not work with you. We have some programs to help people avoid having a foreclosure on their record!

0 votes Thank Flag Link Thu Aug 30, 2012
Wow.. they waited for the last minute. I assume that the 1 1/2 month is the foreclosure date assigned by the trustee?

They need to contact their lender ASAP and start communicating about doing a MOD. The approval process takes on average 6 months but is not a guaranteed approval.

They could put their house on the market as a short sale while they wait for the modification to go through.

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0 votes Thank Flag Link Tue Jan 19, 2010
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