Stop Foreclosure Fast
Stop Foreclosure Fast
Life is uncertain in many ways and no one can assure stability for all life. This can also happen in your financial matters. In case if you are not able to pay the mortgage, foreclosure seems unavoidable.
You must understand that it is technically not your home until you pay the mortgage fully.
When someone is unable to pay its mortgage the legal proceedings are known as “foreclosure”.
Don’t worry, still you have some options that will save you. We bring you some strategies that will stop your foreclosure at the last minute or can delay it. .
- Foreclosure Workout:
Try to find a middle ground before the auction date. A compromise between you and your lender will save you both from many troubles. The ender will find it easy to compensate for you rather than getting in the difficulty of finding a good buyer. It will help you get back on your track of payment on new terms.
- File for Bankruptcy
If you don’t want to lose your home you should immediately file for Chapter 13 bankruptcy. It will give the option to clear your outstanding loans through an organized repayment proposal.
In case if you just want more time and are not interested in keeping the house, Chapter 7 bankruptcy will serve you better. This option will help you to keep the house in the course of the bankruptcy process.
In the meantime you can set terms with the lender or you can save the money for a new place.
The foreclosure stops when a person files for bankruptcy but as you deal with the outstanding loans it will hurt your credits.
- Modify your loan
Revising the loan terms can help stop foreclosure instantly. This will not work for everyone as it depends highly on your lender. If your lenders agree to negotiate, it will lower the amount you have to pay every month.
Modifications in the loans will also help you to stay in your budget with a bonus of not leaving your house. At many times, the lenders stop the foreclosure process while getting into new terms for the peace of time.
- Get a Deed in Lieu of Foreclosure
The option will get you like bankruptcy, you can lose your credit. Nonetheless, deeds in lieu of foreclosure will turn the foreclosure into a short sale process. If your lender has filed for NOD, but luckily the auction time is not scheduled yet, try to offer your lender a short sale offer. A reasonable short sale offer will help the lender in saving his time and effort to find a good buyer.
If your home is at good position in the market, eagerly search for a good buyer, it will help you to turn the tables.
- File a Lawsuit
You may see the worst time in these situations. In case your lender is opting for a nonjudicial foreclosure process, simply go for legal procedure. File a lawsuit against him. This will temporarily stop the foreclosure process.
While pursuing this course, you can challenge your lenders illegal foreclosure right on your house.
This option will hurt your finances but you will save yourself from an illegal foreclosure.
If you are going to file a case you can also seek help from an attorney. The attorney will give you advice that will save you from more troubling waters.
- Sell Your House Quickly
You can sell your house and save yourself from these difficult times. As a mortgage lender wants its money back. You can simply sell the house at a good price and repay your debts. This option will suddenly stop your foreclosure procedure.
If you are going for this option you can go for a cash buyer, who is willing to pay immediately.
Also, selling the house in as is position will save your time and money. You will not have to pay for repair and maintenance.
Many real estate agents will help you to sell the house in as-in condition in quick times. Also you can find help from many online business that are reliable,
Contact a Housing counsellor
If you have taken all the above steps and still not getting a way out you should consult a housing counselor. They will help you to settle your matters in the best way possible. These counselors work with a variety of lenders and can offer you many secure repayments options to house owners.
These counselors will look into the matter deeply and will give options according to your requirement. Having a professional counselor in your difficult times will ease half of your burden.
All housing counselors and agencies are not the same. You need to be extra careful in this difficult time. Same scams easily took advantage of people in these times. Make sure you are working with professionals.
You must be very proactive and resourceful while doing all this. Otherwise you will not be able to keep your property.