HOW TO STOP FORECLOSURE PROCESS
In the event that your lender won’t work with you, there are other options how to stop foreclosure proceedings. However, you must act quickly and really do some research to know which option is best for your situation.
4 Ways How to Stop Foreclosure
1. Sell Your Home
Speak with experienced real estate agents who are familiar with the home prices in your area so you can get an accurate market analysis. Although listing with a discount broker might sound like a reasonable way to save money, interview different agents and find one with strong marketing and sales experience. A discount broker will not save you money if s/he can’t sell the home before the foreclosure process ends.
2. Will Your Lender Consider a Short Sale
If your house is worth less than what you owe on the loan, you might be a candidate for a short sale. Basically, your real estate agent will need to talk with the lender to see if they would be willing to take less than the whole amount due on the loan. Keep in mind that this “does” affect your credit just as a foreclosure would and not all houses qualify for short sales.
3. Sign a Deed-in-Lieu of Foreclosure
This essentially means the homeowner is signing the deed to the home back to the lender, thus closing out the loan and stopping foreclosure proceedings. Again, this affects one’s credit the same as a foreclosure would but you might even negotiate terms to stay in the home or rent the home for a lower price until the home is sold.
4. Chapter 13 Bankruptcy
If these other avenues fail to stop the foreclosure, homeowners can file Chapter 13 bankruptcy which legally puts a stay on the foreclosure. At this point, all creditors are legally bound to stop their collection efforts, including selling the home in the foreclosure process. However, there are some exceptions and homeowners may still risk losing their homes but an attorney can help explain the legalities.
Of course, if the lender won’t work with you and you’re unable to stay in the home… your options are a bit more limited… but there is still hope to save your credit rating, save you money, and get you out of your situation without hassle.
We can evaluate your specific situation for you to lay it out in clear to understand terms exactly which options are realistic and exactly what each option can do for you and your family. Just get a hold of us and tell us a bit about your property… from there we’ll get back to you within 24 hours with a clear explanation of what will help you reach your goals in your specific situation.
Final Thoughts – Ways How to Stop Foreclosure
It’s very easy for stressed out homeowners to get overwhelmed with the threat of foreclosure and the risk of losing their homes. We’ve done our best to explain the basics of the process in this report but if you find yourself in this situation, please seek the help of professionals in your area.
Our company, John Medina Buys Houses is a Real Estate Foreclosure Solutions expert in California and have worked with home owners in situations just like yours either avoid foreclosure all together, save their credit, or if the home can’t be saved…. we’ve helped a lot of home owners sell their properties quickly with NO FEES and all cash offers.
So, if you want a full, no-hassle, no-obligation, unbiased review of your situation where we can lay out in easy to understand details EXACTLY what solutions will work for YOUR SPECIFIC SITUATION… contact us anytime.
After you tell us some basic information about your situation, we’ll get back to you within 24 hours with a list of your options, the pros and cons of each… so you can make a well informed decision for what is best for you and your family.
Download The Complete FREE GUIDE to Avoid Foreclosure
We’ve created free online guides to help homeowners just like you find out your options how to stop foreclosure situations.
You aren’t the first person to go through a foreclosure… and won’t be the last. So don’t feel ashamed. It happens.
The best thing you can do right now is educate yourself on your options. For some people selling a home is the best option (we’ll make a fair all cash offer on your house just let us know about your situation here. Sometimes we’re able to help homeowners STOP FORECLOSURE completely, and sometimes there are other options. So, click here to get your free ebook on how to stop foreclosure.