If the banks began the foreclosure process on my home, can i prevent it if i get help paying my payments and mostly catch up?

Danny:Thank you for your question. Before I begin, let me preface this with that I am not an attorney and anything contained within this should not be construed as legal advice.Generally, if you go more than 15 days late on a payment you will incur late charges. If you go to the point of pre-foreclosure or even to the point of the foreclosure filing, the lender can also access interest, late fees, filing fees and attorney fees up until the point that you cure or catch up those back payments and fees. (Most of this will be spelled out in your Deed of Trust.)In addition, yes you will incur the blemish on you credit when you go more than 30, 60, 90 days, etc on your payments with any creditor. You will take far less of a hit on your credit by catching it up but it will still affect your score significantly for the next 12-24 months from the last negative activity and stay on your credit record for a 7 years. Please feel free to contact me with additional questions or concerns.Keith Smith720-502-1080

BEFORE the SHERIFF SALE, all you need to do is bring it current. AFTER the Sheriff Sale, you have to pay the entire outstanding balance.

Anytime you go more than 30 days behind on any obligation, it will effect you credit.. if you have a 120 day late or more on your credit, lenders will look at this the same as a foreclosure.. you will have late charges, and if the lender actually initiates foreclosure, you will have their attorney's fees added to the amount necessary to bring the mortgage current.. most lenders have programs where they will help you avoid foreclosure.. it's best to call your lender and work with them.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Hi Danny, Your late payments will most likely be reflected on your credit. CALL the bank and speak with them about your options. They rather you work a payment plan out with them rather than go through a foreclosure. Make sure you get something in writing. Robert www.coloradolenders.com

Recommend that you not guess, get help from a foreclosure prevention counselor at a a nonprofit agency in your state - either consumer credit counseling or a FHA approved agency. Find an agency at www.nfcc.org or through the FHA.gov website: http://portal.hud.gov/hudportal/HUD?src=/homeownerhelp - Good luck!

Hi Danny, once the bank files for foreclosure it will report as a foreclosure on your credit and even if you catch up your payments it will still most likely stay on your credit. However, you will be able to save your house. If you have an opportunity to catch up your payments enough to avoid the bank filing a foreclosure I would take it. In the meantime I would suggest calling the people at the Colorado Foreclosure Hotline http://www.coloradoforeclosurehotline.org/ to walk you through some options. Best wishes, Sean

I would contact your lender for further details.

Contact you bank to go over the details. They late mortgage payments that made the bank file foreclosure in the first place have likely already affected your credit score. Speak with your bank about the different options they can offer you in order to avoid the foreclosure. Whether you pay extra, so you can catch up on the missed payments or look in a loan modification.

We actually have a Stay in your Home Program. We stop the foreclosure, purchase it from the bank and lease it back to you for half of your payments for up to 3 years. You then can buy it back at 90% of current value. The details on our website. www.MortgagesforAmerica.org Let me know if I can help.