Logo letter

A Guide to Help Stop the Foreclosure Process

Getting a default notice does not mean all is lost. You have the choice to stop the foreclosure process. Some people get terrified after receiving a notice of default from their lender or if they are unable to honor their mortgage payments for over three times. It is not that you have inevitably lost your home, you must derive a plan to stop the foreclosure from taking place. Here are strategies you can use to your benefit.

You have time to work out with your lender before the auction date. In most cases they would consider a settlement that would see you reclaim your mortgage that have your home in a foreclosure. So, strike for a foreclosure work out earlier before the day of auction.

Think of a short sale and save your home from foreclosure. Once you realize the lender has filed a notice of default, you can get a buyer for your home. What will happen is that your lender will consider selling the home to the willing buyer if the offer is reasonable. Considering the effort and time of going through foreclosure, they will opt to take the short sale deal.  Therefore, do not panic if your home is placed on the market, find a buyer and convince your lender to take the short sale. Get more facts about real estate at https://www.britannica.com/topic/real-estate-industry

A bankruptcy appeal is another strategy to safe your home from a foreclosure. Legally, with a bankruptcy petition all debt collector even your mortgage lender should suspend their collection activities. Therefore, the lender will immediately stop foreclosure after learning that you have filed a bankruptcy petition. Remember bankruptcy will not mean your debts are written off, but instead it will buy you some time to recover financially after which you will resume the previous mortgage agreement. What will happen is that the law will request that together with your creditors like the mortgage lender formulate a fair repayment plan that will suit your current state until you are back of your feet financially. However, you should consult your lawyer if bankruptcy is a viable strategy at the time.  Get Foreclosure Help today!

If faced with home foreclosure you may voluntarily consider deed in lieu. However, most lenders are usually hesitant to accept repossessing a home through deed in lieu. Do you know why? Because of fear to face future legal allegations from the homeowner for failing to understand and reconsider their financial distress. Hence, the lender must settle home equity of credit or second and their mortgages before implementing a deed in lieu. The lender needs to be sure that the homeowner is in real financial distress. Look for Foreclosure Help today!