Stop Foreclosure Utah

For people dealing with the payment of mortgages and at risk of default and home foreclosure, a bankruptcy filing can, in some cases, be a viable choice. Our bankruptcy lawyers will assist you in filing your home and retaining your stock at Utah Bankruptcy.

There are cases where other strategies can help discourage seizures, and we can tell you how to do so. Some of the most famous ones are here.

Commitment

When a lender is prepared to foreclose your house, they will give you a NOD or a default notice. They also have to set time to auction their house. During this pre-auction period, you should be aware that lenders almost always find a financial agreement that allows you to return to your loan scheme without foreclosure. Any final commitments you can make here should be proposed.

Short selling

The lender should take this into account when accepting a buyer’s bid between the receipt of your NOD and the auction date. This alternative can be viewed as a time saver that gives you almost the same result. After all, they’d turn to sell the house anyway. This is regarded as a short sale, and it can act as a mutually agreeable option in certain cases.

Leasing

Most loans are actually out of reach. However, when you enter foreclosure, your loan will probably be able to alter. You could be able to take over your credit from another customer if it means less trouble. If you can arrange the new buyer’s down payment to pay off your remaining balance and accept the loan without any additional risk for the lender, everybody wins.

Bankruptcy

Bankruptcy is also the right solution in certain cases. The motion for bankruptcy forbids the continuation of debt collection companies, and revocation is called debt recovery. In these situations, however, you need an adequate strategy. If you don’t, that will only give you more time to file for bankruptcy. Bankruptcy doesn’t get you out of debt, so here you need a clear strategy.