Will writing a letter to your lender prevent foreclosure? The answer to that question could be just two words - you can't.
And I'll tell you why. If it's gotten to the point where you are asking how to properly write a letter to prevent foreclosure, then that's a sign that the lender is running circles around you and will have their way with you - which means that they are planning to take your home. And it's going to take a whole lot more than a well written letter, no matter who it's from, to get them to change their minds.
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Lenders have armies of lawyers and they have whole departments specializing in foreclosure, and dedicated to fulfilling the bank's financial best interests. And no letter in the world is going to make up for the fact that the property owner is late on payments to the point that the lender thinks the only viable solution is to foreclose. They are only going to be stopped with a lot of kicking and screaming in protest.
The next action depends how far behind you are in payments, and how far along the lender is in the foreclosure process. If you have a sale date, and its just a few days away, you may need the help of a bankruptcy attorney to file a chapter 13 bankruptcy which forbids your lender from moving forward on a sheriff sale or foreclosure sale - at least for a while. But what if a property owner can't afford the $2,000 or so to pay an attorney? Here's what one homeowner did. She didn't ask how to properly write a letter to prevent foreclosure. The homeowner figured out how to file her own chapter 13 bankruptcy, and stop her foreclosure sale in a single day, without an attorney.
If you haven't been issued a sale date yet, then you may have time to get started on a loan modification. In a loan modification, your lender modifies your loan and lowers your payments so you can afford your own home. Conceptually speaking this is pretty simple to understand, but no one (and that includes your lender) parts with money they are legally owed if they don't have to. The lenders will tell you that you don't need any professional help, and you should just speak with them directly. But ask the millions of homeowners who have had their loan modifications denied if they still think the lenders are here to help.
The most important thing is to get informed. Take a free on-line class. Because you may be able to get your lender to modify your loan so you can afford your own home. One thing for sure: if you take the class you won't be asking how to properly write a letter to prevent foreclosure. You will be asking questions and taking actions that can actually help you keep your home.
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