Are You Facing Foreclosure?: Avoid or Stop Foreclosure

Posted by on May 14, 2012 in Uncategorized | 1 comment

In the last few years, millions of homeowners have lost their homes to foreclosure. If you are a homeowner and you are struggling to pay your mortgage, you have the option to get foreclosure help by educating yourself about the process and about your options. Take some time to learn about some of the steps you can take to stop foreclosure or avoid it altogether. You should start by first understanding the possible reasons behind a pending foreclosure (aside from knowingly participating in mortgage fraud). Many homeowners are forced to stop making timely mortgage payments due to sudden and extenuating circumstances, including the following:

  • Sudden job loss or unexpected unemployment
  • Medical emergencies
  • Divorce or loss of a second income
  • Additional unmanageable debts
  • Death in the family
  • Major emergency home maintenance expenses
  • Inability to continue paying an adjustable interest rate that has increased

If you find yourself suddenly unable to make your monthly mortgage payments, do not panic. A great way to avoid foreclosure is to take steps to prevent your lender from filing a Notice of Default, which is a public notice that states that the borrower is in default. Many individuals find that it’s most beneficial to get foreclosure help at the first sign of trouble with their mortgage payments. A good first course of action is to decide whether you want to negotiate your debts yourself, or work with a BBB accredited debt settlement company. Many debt settlement companies have experience helping homeowners prevent or stop foreclosure. Qualified experts can clearly explain the options and guide homeowners toward avoiding or stopping foreclosure. Ways to avoid foreclosure may include getting extra time to make payments, getting your lender to forgive a payment or two, changing the terms of your loan, and more. Even if their lender filed a Notice of Default and their options were much more limited, many people found help in working with a debt settlement company, whose experts were still be able to negotiate with their lender while providing them with guidance and options in their attempts to stop foreclosure on their home.

Tags: foreclosure help, stop foreclosure

*** This is an open blog. The contents of which do not necessarily represent the opinions and the policies of our company. If you’d like to share a blog post with us you can email us about your debt experience and we’ll post the blog for you.

One Response to “Are You Facing Foreclosure?: Avoid or Stop Foreclosure”

  1. It will be up to the lender, if they will accpet a deed in Lieu of foreclosure. It is really considered a last resort for a homeowner and they should first try to find a foreclosure workout plan that will save there home. If they have no options, a deed in lieu of foreclosure is better on homeowners’ credit reports than seeing the house lost to a sheriff sale and having a full foreclosure reflected on their history. However, it should be noted that the deed in lieu is only one step better than the foreclosure, so it will not do much to improve the credit score. It’s main benefit will be to prevent the worst of the credit damage that foreclosure can cause.There are 4 main conditions for a lender to consider a deed in lieu of foreclosure:1. Foreclosure is imminent and unavoidable2. The borrower is unable to sell the property3. There should be no other liens or attachments to the property4. The property needs to be left in broom clean conditionsReally with all the foreclosure solutions available to homeowners a deed in lieu should and can be avoided.References : Was this answer helpful?

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