So your house is about to be foreclosed on, and you’re looking for any method to buy some time. Or, better yet,

You want to prevent the foreclosure from taking place in the first place.

You were expecting to find some alternatives to having your home foreclosed upon when you came across this page. And you’re absolutely correct!

You have options as a homeowner, and you don’t have to forfeit your home to the bank and walk away empty-handed. We’ll show you seven strategies to prevent your home from going into foreclosure, or at the very least buy you some time to get things in order.

But before we get into how to avoid foreclosure, it’s important to understand why it’s such a significant deal and how it could affect your future.

Foreclosure Will Have Some Difficult Repercussions


You may have been ignoring the problem up until now, but now the bank is on your tail, threatening to put your house up for auction. A part of you could even believe that if you just hand it over to them, you won’t have to deal with it any longer.

However, foreclosure can cause far more damage than simply losing your home.

Stopping a foreclosure will help you keep your credit. On average, going through foreclosure lowers your credit score by 200 points. You will also avoid having a record of house mortgage default, in addition to maintaining your FICO score.

You’ll save money on legal fees related to foreclosure. Legal fees related to foreclosure can cost up to $7,500 or more on average. Yes, there are costs involved in the entire process in addition to the loss of your home!

Almost always, the increased fees result in bankruptcy. This would only add to your already blemished credit and borrowing history.

Looking for Mortgage Analysis Services

  1. So, let’s look at what you can do to stay out of foreclosure and avoid these problems.
    1. By speaking with your lender, you might be able to avoid the whole thing.

    This may appear self-evident:

    If you simply pick up the phone and contact your lender (or answer the calls they will definitely make to you), you may discover the simplest solution to the problem.

    Consider this–

    • For a bank or lender, foreclosing on a home is expensive.
    • Not only will they not be paid the interest on the loan they made to you, but when it goes to auction, they will also lose a piece of the principal!
    • When a home is auctioned, it is frequently sold at a steep discount.
    • They do it because they would rather have money than none at all.

    What does this imply for you personally?

    You do have some clout in this situation. You can talk to them and see what choices they’re willing to give you in order to get back on track.

    1. Payments that have been forgiven may help you get back on track.

    The following is a little-known fact regarding lenders:

    • They will sometimes waive payments if it means that they will be more likely to assist you in getting back on track with your debt.
    • If you can persuade the lender that you merely ran into some financial difficulties and that you now have enough money (or can cut your costs) to continue making payments, they may forgive one or two loan payments.

    This may not be enough to protect you from going into foreclosure, but it will buy you some time. In any case, it’s a question worth asking!

    1. Interest Rate Freezing Could Be An Option

    This one is only useful in one situation:

    • If you have an adjustable-rate mortgage, your lender may be able to lock in your interest rate before it changes or rises, making it more bearable for you.
    • They may also lengthen the amortization term to compensate for the differences in payments and interest rates.
    • This is referred to as a loan modification (although it is one of several options available).
    1. Add the payments to the outstanding balance on your loan.

    Use your equity to your advantage:

    • If you’ve held the loan for a time, you’ve probably built up some equity.
    • Your back payments may be added to the debt by the lender.
    • Your loan balance and amortization schedule will be altered because this is really a refinance.

    If you’re able to make regular payments, but you’re still behind on your bills, this could be a lifesaver.

    1. Selling Your House Can Be A Lifesaver

    Listen to me out:

    • You always have the option of selling your home, even if you don’t want to or believe you can’t.
    • If your house is in decent shape, you might be able to locate a buyer by calling a real estate agent and having it posted on the MLS.

    But be cautious!

    Listing on the MLS can take much longer than you expect, and if you’re working with an agent, you won’t be able to discover other types of purchasers. Don’t panic if you’re on a tight deadline or don’t think the house will sell on the market.

    There is another option:

    Sell the house to a corporation that buys houses.

    The following are the advantages:

    • There are no repairs required.
    • There are no commission costs.
    • There are no closing charges.
    • Quickly close on the house (can be 7 days or less)
    • Obtain payment in cash.
    • This may be the greatest alternative for you, as it will keep you out of foreclosure and bankruptcy.

    These are just a few of the numerous advantages of working with a real estate agent.

    It also leaves you with some cash to assist you in taking the following steps toward financial stability.

    1. Short-selling a home may be the best alternative.

    You may have already received a Notice of Default from your lender. If this is the case, there is still time to sell your house before it goes to auction. Because the lender would sell the home anyway if it goes to auction, presenting an active buyer is more likely to get authorized because it saves them time and money. As a result, keep looking for a buyer.

    1. Bankruptcy can help you buy some time.

    If keeping your house is your first priority:

    • The foreclosure process may be halted if you file for bankruptcy.
    • This doesn’t guarantee that you’ll be able to get out of it fully, but it may buy you some time, possibly up to 2-4 months.
    • Make an appointment with a bankruptcy lawyer, describe your circumstances and all of your finances, and they will advise you on the best course of action to follow.

    If you’ve filed within the previous seven years, this may not be an option, so go to someone who can help you figure out what options you have.

    PS: This is not a legal advice, please seek a professional. This is for informational purposes only.

For information on foreclosure defense call us at (877) 399 2995. We offer litigation document review support, mortgage audit reports, securitization audit reports, affidavit of expert witness notarized, and more.


Obtain the facts & evidence and the litigation support you deserve today! Call or request a free consulation today!

What our clients say

  • Jennifer

Contact Us