Facing foreclosure can be difficult and costly. Knowing what options you have when facing foreclosure can help to get through it with least amount of downsides. Read on to find information about foreclosures.
Can You Stop Foreclosure Once It Has Started?
If the bank has already begun the foreclosure process because you are in default, you can rest assured that all is not lost when it comes to saving your home. You have some options to get out of the foreclosure process and keep your home. However, it is best to speak with an experienced foreclosure attorney who can lay out all of your options.
How To Avoid Foreclosure With Bad Credit
For some individuals facing financial hardship, there are many options to avoid foreclosure. The Federal Housing Administration, or FHA, offers refinance loans for financially-strapped homeowners.
However, you must usually have good credit to qualify. If you are already in foreclosure, your credit may not be too good. So, what can you do to avoid foreclosure if you have bad credit? If you don’t qualify for a mortgage refinance, one option is to speak with an experienced foreclosure attorney. An attorney can talk with you about other options that can help you save your home.
How To Stop Foreclosure Sale Date
If you have missed three or more mortgage payments, you are likely facing foreclosure. Even if your lender has filed a Notice of Default, you have several options to help you avoid foreclosure.
- Short sale – A short sale refers to selling your home for less than the amount owed on your mortgage. You might be able to work out a short sale option with your mortgage lender if they have not yet scheduled an auction. Many banks are willing to agree to short sales as this saves them the time of effort of auctioning off your home.
- Bankruptcy – If you file bankruptcy, your mortgage company must immediately stop all collection efforts, including foreclosure. Your lender will need to obtain a court order to resume foreclosure proceedings once you file bankruptcy. You might be able to delay or even prevent the loss of your home with bankruptcy.
- Talk to a foreclosure attorney – A foreclosure attorney can provide you with alternatives to foreclosure. For instance, they might be able to help you work out a deal with the lender to save your home. They can also help you fight the foreclosure in court or help you modify your loan.
Loans To Stop Foreclosure
Have you fallen behind on your mortgage? Are you wondering if a loan might help you avoid foreclosure? When it comes to loans, you have several options available depending on your particular circumstances. Here are some options:
Reverse mortgage – You might be able to take out a reverse mortgage to pay the existing loan. The FHA offers a Home Equity Conversion Mortgage, which lets you tap into your equity to pay off debt. To get a reverse mortgage, you must meet certain criteria. You must be age 62 or older, have a significant amount of equity and live in the home.
Refinance Loan – In some cases, a refinance loan might help you avoid foreclosure. However, it can be difficult to refinance in many cases. You must have excellent credit and have equity in your home to qualify.
If you don’t qualify for a loan to stop foreclosure or want additional options, then your best bet is to speak with a foreclosure attorney. An attorney may be able to help you modify your loan, help you understand mortgage workout options or assist you with applying for a loan modification. They can also help you file a lawsuit against your lender if they have not followed the rules of foreclosure.
Ways To Stop Foreclosure Immediately
Are you nervous that you may not have a roof over your head because of foreclosure? Have you received a Notice of Default from your lender informing you that they have begun foreclosure proceedings? If so, you still have options to save your home.
Chapter 7 bankruptcy
Although you won’t be able to keep you home with a chapter 7 bankruptcy, it can stall the foreclosure process, giving you additional time to remain in your home while you come up with another living solution. Chapter 7 is referred to as a liquidation bankruptcy. It allows you to get a fresh start by eliminating nearly all debt including a foreclosure deficiency judgment.
Chapter 13 bankruptcy
If you want to remain in your home but you cannot catch up on your payments immediately, then a Chapter 13 bankruptcy may be a good option for you. This type of bankruptcy allows you to pay back your delinquency over a period of three to five years.
To learn more about bankruptcy or for help with a foreclosure, contact an experienced foreclosure attorney today.
When Is It Too Late To Stop A Foreclosure?
Have you received a foreclosure notice from the bank? Are you wondering if it is too late to stop a foreclosure once you receive the Notice of Default? Fortunately, it is not too late to stop a foreclosure even if you have received a foreclosure notice, but you must act very quickly before the sale takes place.
If you want to stop a foreclosure and you have already received a Notice of Default, it is best to contact an attorney that has experience in foreclosure law. Here are some cases where a foreclosure attorney can help:
- Your lender made a grave error in regards to your account – An example of this could be failing to post payments promptly or misapplying funds.
- The mortgage company did not follow the proper procedure to foreclosure – There are particular laws that lenders must adhere to when they foreclosure. If your bank did not follow the law, you might be able to sue them.
- You are in the military – If you are active duty, you have rights when it comes to foreclosure. If your lender is attempting to foreclosure on you, and you are active duty, a foreclosure attorney can help you exercise your rights.
There are many things that a foreclosure attorney can do to help you save your home. It is best to get in contact with one today to learn about your options and rights.