How Fast Can I Make My Mortgage Company Foreclose On My House?

Given the way that home prices have been falling recently, there have been many situations recently in which a person wants the bank to foreclose on their home. This happens if the market value of a person's home has fallen so far below the amount that they still owe on their mortgage that there is simply no reason to continue to pay. In such a situation, there are some alternatives to foreclosure, but frequently, foreclosure is simply the best alternative.

One alternative to foreclosure is short selling your home. This is the process of selling it for its current market value, even though it may be less than what you owe. Often, the bank will accept whatever you can get as covering the entire debt, even though it is less than the remaining value of your mortgage. This is because it costs a huge amount of money to foreclose on a home, and takes months. Therefore, depending on how much money you can get out of the home, the bank may very well agree to this process.

Another possibility is to simply talk to your lender. They will want you to succeed: again, foreclosure will lose them money and bankruptcy for you would also lose them money. Therefore, they will probably be willing to extend or renegotiation on the terms of your mortgage. Before you choose to do anything like this, you definitely should talk to your lender and see if there is any way that you can get through this without killing your credit and losing your home.

A final possibility is to hire yourself a foreclosure assistance organization. These are companies that specialize in the field of foreclosure, particularly stopping it. They can find laws or areas in your contracts that allow you out, negotiate with your bank to get you a better deal on your mortgage, and will even give you a huge amount of financial advice. This alone is worth the cost of these firms, as they will be able to analyze and completely reorganize your finances, which may stop a situation like these from ever happening to you again.

With respect to your question, if you find that none of these suggestions meet your needs, the answer is that you can't speed up the process. It is completely up to the bank and the stockholders, and they will foreclose when they feel good and ready. You have plenty of time to get your finances in order first with the above suggestions.