Home REAL ESTATE Last-Minute Strategies to Stop Foreclosure

Last-Minute Strategies to Stop Foreclosure

foreclosure avoid

Everything can happen in your life. The things you least expect can occur all of a sudden. A foreclosure is one of the “bad surprises” that can happen when you’ve fallen behind your mortgage payments. However, don’t be upset, and don’t give up hope. Consider the following last-minute tips on how to stop foreclosure.

Sell Your House Quickly

You can sell your property to avoid foreclosure. The best way to close the deal within the shortest time and with the minimum investment of your time and effort is to rely on the professional help of companies like Berman Capital. They will get all the paperwork done for you. There is no need to spend your time showing your house to potential buyers. The company suggests a price, and you decide whether you accept it or not.

File for Bankruptcy

If you want to keep your home, you can try to file for a Chapter 13 bankruptcy, as part of which you can pay down the debt through a structured repayment plan. If you want to save time and don’t want to keep the house, a Chapter 7 bankruptcy is a better option. It will allow you to stay inside the house without making payments during the bankruptcy process.

Modify Your Loan

This solution won’t work for everyone since it’s highly dependent on the lender. Still, you can try. Some lenders are ready to negotiate a modification, lowering the monthly amount you should pay. If the suggested modification stays within your budget, you can stay inside your house while paying the lender. Lenders, in their turn, should stop the foreclosure process while they review your loan modification request.

Get a Deed instead of a Foreclosure

It will hurt your credit, but not as much as bankruptcy would. Most lenders agree to this option. A deed a lieu of foreclosure gives a lender the ownership of your home through a short sell process. This is a good last-minute solution to stop the foreclosure when you have tried everything else.

File a Lawsuit

In the lawsuit, you challenge the lender’s right to foreclosure of your house. This is the right solution for everyone whose lender uses a nonjudicial foreclosure process. It can bring the foreclosure to a temporary halt. However, this tactic won’t work because the issue has already been reviewed by the courts.

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