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. When the money is tight it can be hard to repay the mortgage loan which might make you lose your home. This should not worry you anymore because there are options which can turn the situation around as discussed below.
One thing that you should do is to work it out. This will require you to speak to the lender before the embarrassment. It is essential to note that most lenders don’t want to take your home and they might be willing to negotiate your terms and find a solution. For that matter, you should talk to them about your option as soon as possible. Here you should expect things like forbearance, debt forgiveness, and repayment plants.
Apart from that, you should seek a buyer. This will require you to find someone who is ready to buy your house. With this, you will be saving the lenders the hassle of looking for a buyer because after all, that is what they will do. 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. You find that with a buyer in the bag the lender is likely to stop the foreclosure.
The other thing is 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.
Apart from that, there is also a short-sale success. This means that 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. This will help them to avoid the time and expense of repossessing the house.
Apart from that, you should file a lawsuit. Here you will have to file a lawsuit against the lender. You find that this is the best option 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. Typically, it will work if they are foreclosing outside the court system.