How Can You Stop Foreclosure On Your Home

Foreclosure is processed differently in different states, however, once you miss 3 to 6 months payment on your mortgage, your lender is authorized to initiate foreclosure. You won’t just send a foreclosure notice without some other important notice been sent beforehand. Before you receive a foreclosure notice, you must have received notices of default, demand letters, a publication of debts, and other information your lender sees fit to send to you. It would be better if you act at this state especially when you know you can’t meet up on the payment.

However, if you neglected all those notifications and you’re now facing foreclosure, don’t panic, you can still stop foreclosure and save your home. A foreclosure sale can take time before it is finalized and you want to be sure to take advantage of every minute to work towards stopping foreclosure. Here are three options you can explore and each is capable of helping you stop foreclosure, however, if one does not work, try the next.

• Contact your lender for help

Ask your lender for help or any offer they have to render, chances are you will you get a couple because foreclosure is not just a stressful process for you, it is for your lender as well and they will usually avoid it.

• Hire a lawyer

You need legal advice to make the right decision, even if you are willing to let go of your home, you can still end up with a lot of liability and tax debts. So hiring a lawyer to help you or advise you through a foreclosure is a wise trick.

• File for bankruptcy

In case any of those options work and your home is about to be sold, filing for bankruptcy seems like the best alternative for you. Once an automatic stay order is given by the court, the foreclosure will be stopped immediately and you will have more time to figure out a solution.