Have you issued a notice of foreclosure by mail? If that is the case, you must act quickly on this. Not only is a foreclosure going to ruin your loans, but it’s also never good to lose your house, and it can be not easy to find a new place to live after your lockout has ended. Luckily, you can use a few tools to deal with this crucial situation easily. Having an alert does not mean you have to leave your house.
1) Upgrading your account
You pay the full amount you owe when you renew the loan. By notifying the lender that you have paid the regular amount and extra fees, you will stop the foreclosure phase. Your lender’s money is going to be a lot better than your house. This should work, therefore, unless there are extenuating circumstances.
2) Change the amount of credit
If your monthly mortgage payment can not be made available, you may try to change your loan terms. Changing your loan terms and conditions will reduce your monthly payment or interest rate, depending on your current situation. You may be able to change your loan to your lender, or you may be able to restructure your mortgage under the Government Accessibility and Sustainability Plan.
3) Selling your home
You’re not going to lose your home, but forfeiture may be inevitable. To avoid any of the foreclosure problems, you should pursue a short sale at home. However, before you do this, you need your lender’s permission or face major legal difficulties. The purpose of a short sale is to sell the house for enough money to repay your lender’s debts. You’re going to have to pay the credit balance if you can’t sell it for that price.
4) File Bankruptcy
Bankruptcy should only be used as a last resort because it has serious consequences and may not allow you to stay home. When you file for bankruptcy, all the lenders and creditors you have will be revoked, making sure they can’t move in until your bankruptcy case has been settled, but it doesn’t last forever. If your lender has started forfeiture, you can’t go back home until it’s all sorted out.
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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