How Can I Stop Foreclosure On My House

It’s easy to feel discouraged when a foreclosure notice is sent to you, and it’s not a crime if you don’t know what to do for the first couple of days. However, you do not want to relax too much as a countdown already started to the day your house will be auctioned. You can of a truth stop foreclosure, but acting on time gives you the luxury of time and you will be able to try out different options.

The first step to take is to contact your lender and let them know you got their notice, then ask if they have any offer for you to look into to prevent foreclosure. Most lenders offer forbearance, loan modification, or a short sale. You can look into any of them and take a few days to decide which one you will opt for considering your financial situation.

Foreclosure proceedings

In order to successfully stop foreclosure, you need to understand how it is done in your state. The time from initiating a foreclosure to making a sale can span from 2 to 12 months. Depending on how your lender goes about it, your house can be sold in 2 months often receiving a notice. So do not waste any more time, the earlier you take action the better.  Also, some states go through the judicial process while others do not, this can also be a determinant to how fast your house will be sold. Find out on which side your state belongs and take action accordingly.

Conclusion

There are a lot of options you can try out, if your lender does not offer you any of the offers suggested above, you can file for bankruptcy in order to stop foreclosure. Get detailed information on how the foreclosure is handled in your state and you will be a step closer to saving your house.