July 30, 2019
How To Stop Foreclosure and Save Your Home
One thing that you should know is that the total consumer debt at the end of 2018 was almost $4 trillion as this shows the financial straits people are in across the United States. You find that the mortgage repayments can become a particular struggle when the money is tight and this can lead to foreclosure. The best thing is that there are steps that you can take to prevent foreclosure and save your home, read more here.
To start with, you should work it out. One thing that you will have to do is to speak to the lender before the embarrassment. You find that lenders don’t want to take your home and they might be willing to negotiate your terms and find another solution. For that matter, you should talk to them about your option as soon as possible. Where you will have to look out for forbearance, debt forgiveness, and repayment plans.
Apart from that, you should seek a buyer. This will require you to find someone who is ready to buy your house. You find that in the end the lenders will still sell your house and you would have saved them the hassle of looking for the buyer. For that matter, you will have to speak to the estate agent so that you can know how valuable your house is and how long it will stay in the market. It is essential to note that the lender is likely to stop the foreclosure if you have a ready buyer.
Besides, we also have deed-in-lieu. Here the homeowner signs the deeds of the house back to the lender. In this case, the house will be effectively given to them, the mortgage is forgiven and foreclosure stopped. The good news is that it will also help in protecting your credit rating.
Besides, we have short-sale success. Short sales are when you can buy or sell real estate at a price that falls below the mortgage amount owed by the current homeowner. Remember to negotiate with the lender to see if it is an option. They might buy this idea because it will make them avoid the time and expense of repossessing the house.
Last but not least, you should file a lawsuit. Filing lawsuit against the lender is another way of preventing foreclosure. You should know that this will only work when you don’t own promissory note, violated the homeowner’s bill of rights or didn’t follow the requisite steps in the process of foreclosure. You will only have an advantage if they are foreclosing outside the court system.
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