After the foreclosure process starts and you get current, does it stop?

by oliver on September 30, 2010

Question:

After the foreclosure process starts and you get current, does it stop?

I think I will be going into foreclosure here in a few weeks, but I know that in about about a month I will have enough to “catch up” with my payments. If I “catch up”, does it still keep heading to foreclosure?

Answer:

Once you have your debt and was able to make your mortgage current and pay the additional charges, late fees and interest, the foreclosure process will no longer take place. If you have been given a notice of default, talking to your lender and asking for an extension will save you the burden of facing a foreclosure.

The only reason why the bank sues and files foreclosure against you is if you were not able to make your payments and are no longer able to make it current at a given period of time. If they are not suffering any damage caused by you and if you did not commit any breach of contract, then there would be no reason for them to sue you. More importantly, since you are not behind your mortgage, the bank cannot force a sheriff’s sale of the house. However, some mortgage companies are fraudulent and just want to extort money from their borrowers so you must always be careful. If you have only paid the mortgage debt and not the interest, additional costs and loan fees, foreclosure against you may still continue. Therefore, once you give your payment to your lender, make sure to give the outstanding amount and make sure not to miss anything in order to avoid foreclosure.

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