How To Stop Foreclosure On Your Home

Losing your home to foreclosure is a possibility that is hard to think about, especially for those who have nowhere else to go. And having a history of a foreclosed home makes it difficult to secure another mortgage next time. However, you do not have to panic more than necessary as there are proven methods used by homeowners to stop foreclosure and you can make use of them as well.

Before you begin trying out those options, there is some basic information you have noted down to ease your journey towards stopping foreclosure. Consider the following questions:

Do your state uses judicial or non-judicial foreclosure process?

Understanding how the foreclosure is processed in your state is key to stopping foreclosure on your home. The judicial process requires a court order before your home can be foreclosed and it usually takes longer to process, which should give you enough time to try out other means. Non-judicial foreclosure processes don’t require any court order and your home can be sold in less than 2 months after you receive a notice. Finding out where your state stands will help you make better plans.

Can you afford to pay up in a few months?

You can save yourself a lot of stress once you’ve figured out how to pay up the defaulted amount within a set period of time, all you have to do is contact your lender and make a request for a loan modification.  Once your lender is aware that you’re capable of paying back, the foreclosure will be stopped immediately.

Looking for Mortgage Analysis Services

After providing adequate answers to the questions above, you can better frame a strategy on how you want to stop foreclosure on your home. Here are some options that have helped homeowners stop foreclosure:

  • Loan modification
  • Refinancing
  • Deed in lieu
  • Filing for bankruptcy

Contact a lawyer to know which is best for you.

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