Tuesday 15 December 2015

What to do if you want to stop foreclosure process


Financial hurdles can make you miss out on a couple of mortgage payments. When this happens, you risk losing your home. But all is not lost when you get a notice of default from your lender. There are several strategies that you can use to stop foreclosure process:

Short sale offer

You may present the lender with a short sale offer from a buyer. The lender may agree to this because it’s going to save them time and money looking for a prospective buyer. But you’ll have to convince the lender why they should agree to the short sale.

File for bankruptcy


When a bankruptcy petition goes through, the law prohibits debtors including your mortgage lender from going further with any debt collection. Cheap bankruptcy lawyers can help you to file a bankruptcy petition and stop the process of foreclosure.

In many cases, filing for bankruptcy usually buys you more time, so that you can either replace a lost job or recover from a financial hurdle and sort out your pending bills. The lender and other creditors are required by law to help you come up with a reasonable repayment plan. Find out from a bankruptcy attorney if this is a good option for you.

Foreclosure workout

One of the best ways to stop foreclosure is by working out with your lender a plan that will allow you to get back on track with your payments, and prevent the home from being foreclosed. This would mean coming clear on the reasons for your missed mortgage payments which could be job loss, illness or lifestyle changes.

The lender will be able to make adjustments to make you better pay the mortgage. If you do not follow the guidelines given and still miss on future mortgage payments, then the foreclosure process will continue.



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