How Can I Fight Foreclosure?

by Peter G. Miller
January 14th, 2008

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Lora B asks “I was just wondering if there is a way to apply for an FHA loan for your house if it has already been foreclosed on?”

The answer likely depends on your jurisdiction. If you have received foreclosure papers there are several steps to take immediately:

First, contact an attorney. You may have important rights that can delay or stop a foreclosure.

Second, consider your jurisdiction. In some areas a foreclosure sale can take months, in others just a few weeks. In either case, you must act now to protect your interests. By “now” I mean today, this moment.

Third, depending on the facts and circumstances in your situation you should consider refinancing the property with an FHA loan, selling the property, bringing your loan current, working out an arrangement with the lender such as a loan modification or gaining some form of forbearance.

You need to speak with an attorney, local real estate brokers who actively sell property in your neighborhood and FHA lenders.

The FHA does have the FHASecure mortgage plan which is supposed to help people in your situation. Make a point of asking lenders about this program and whether you can qualify.

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