How to stop foreclosure at the last minute

Foreclosure is one of the most stressful situations that a homeowner can go through. It is normally due to forfeiting mortgage payment. Financial downfalls can affect anyone. If you have fallen behind your mortgage payments and want to stop foreclosure, there are various strategies that you can use to stop the foreclosure.

File a lawsuit

Lenders do not always follow the law when it comes to foreclosure proceedings. Most states require that foreclosures be processed through the court system. If a lender is attempting to foreclose without going through the courts, a lawsuit may delay or stop the process completely.

Reinstatement

This the quickest way to avoid foreclosure. You will have to make your account current with the bank and move forward with your loan by keeping up with payments. You may have to pay more fees than just your missed monthly payments. These fees include legal, late, interest, recording, and document fees.

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Loan Modification

You can get a loan modification to get a new agreement with your bank, which means you will have lower payments with different terms. You will also need to display financial hardship. If the modification makes the new monthly payment within your budget, you will be able to remain in the home while meeting your obligations to your lender.

Short sale

If your property is worth less than what you owe, you won’t have enough money to pay off your mortgage once you sell your home. Your lender may consider approving a short sale if they think they will make more money than if your house went to foreclosure.

File for bankruptcy

If your foreclosure date has been set, you can stop the foreclosure by filing for bankruptcy. Once the filing has been made, an automatic stay is enforced, which puts the foreclosure on hold during the bankruptcy process. Foreclosure is normally deliberated a collection activity, and when the lender is notified about the bankruptcy, the foreclosure process will effectively be halted

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.

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