How to get a bank to STOP FORECLOSURE
Brad Woodall: Ultimately, it’s up to the bank to stop a foreclosure. So Josh, why don’t you elaborate on that a little bit?
Josh Rand: Yeah, so in our prior video, we talked about how to stop a foreclosure. So now, how do we communicate with the bank?
Reaching Out to the Right Department
One of the options is to reach out to the bank and look at possibly a loan modification, or maybe they’re willing to voluntarily suspend the sale. The first thing you want to do is reach out to the customer service department and ask if they can help, or in some instances, they might have something that they call a workout department or a loan modification department.
If you’ve gotten a contract on the property, you might want to reach out to that same modification or workout department explaining you have a contract and would like to see if the bank will take a look at that and be willing to suspend the sale.
Gathering Necessary Information
From there, they’re going to email you or fax you or send you some of their guidelines of the information that they need in order to begin that process, which can sometimes be a little bit daunting.
Brad Woodall: Don’t get frustrated by potential delays or setbacks. You might need to send the same documents or information multiple times – even up to ten times in some cases. The key is to remain patient and persistent throughout the process.
Josh Rand: Yeah. But again, the point is when you contact your bank and reach out to the customer service department,just explain the situation, and you’re either going to work directly with the customer service team, or they’re going to have a modification or a workout department that’s specifically designed to help you deal with some of these issues.
Brad Woodall: Sometimes they call that department the loss mitigation department.
Josh Rand: Yep.
Acting Quickly and Persistently
One caution, once you receive that notice for foreclosure, that clock has started. So you want to make sure that you act quickly. Sometimes the banks don’t have a rhyme or reason as to how they operate, as to why they do a modification here and not here, or why they stop a foreclosure in this action and not the other. And so you want to leave as little to chance as possible.
Don’t get frustrated. You might have to send them the same thing three, four, five times. But the key is to be persistent and not give up.
We’re Here to Help
Brad Woodall: I hope that answers your question about how do you get a bank to stop foreclosure. If you are interested in selling a property, we buy properties all over the state of Georgia. I’m also a licensed real estate agent in Georgia. So if you’re looking to sell that property for top dollar, I can list that property for you. But if you just want to sell it fast as-is,you don’t want to mess with it, I’d be happy to make you a cash offer, and we can close ASAP on that transaction.
Or if you’re just looking to get some additional information, you want some advice on your situation, click on the form below. You can fill out that form, and a member of our team will get an email as soon as you fill out that form. And we’ll be in touch with you ASAP and hopefully, we can help you resolve your situation.
So thanks for checking out this video. Hope you have a great day.