Can foreclosure be stopped

A house isn’t just where you live, it’s a memory store, you’ve had too much sweet and sour memories in there to give it up for some unpaid debt. With a foreclosure notice, you might be faced with the danger of losing your home and that can cause emotional trauma. Do not panic, if you can review the situation and take constructive steps, you might be able to stop a foreclosure proceeding.

There are ways to stop foreclosure on your house, it’s possible as many people have done it before now. Researching about how other people handled foreclosure in the past can give you a better chance of saving your home. There are a lot of variations with different state and it’s advisable to limit your research to your state.

Here are some of the common ways to stop foreclosure;

  • Loan modification

If you have just been notified about your house’s foreclosure proceedings, you can contact your creditors for a loan modification. This implies making some changes to the agreed term to make it easier for you to repay your debt.

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  • Pre-foreclosure sale

Once you notice you won’t be able to keep up with your mortgage payment, it’s wise to put your house up for sale before your lender starts foreclosure proceedings. This will give you an advantage as you will be able to sell your house on your terms.

  • Debt refinancing

Another way you can stop a foreclosure is to refinance your debt, you might need to take another loan for this to happen. Some institutions give loans to house owners who want to prevent foreclosure on their homes. However, not all state permits refinancing of debt once it’s defaulted, find out if your state is one of them.

  • Filing for bankruptcy

Filing for bankruptcy will give you the needed time to re-strategize on how to pay up your loan and save your house. However, you should consult a lawyer to determine how to best go about it.

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