It is safe to say that the rate of foreclosures is slowing down since the recession has been slightly reversed. Now, this does not mean that there aren’t any Americans struggling with their mortgage payments who still need relief. The problem is that sometimes it’s too late. The following are a few last-minute solutions that could help you avoid foreclosure.
Filing for Bankruptcy
One of the most obvious solutions is to file for bankruptcy. This will halt the foreclosure process if it is successful. Now, it is true that choosing this alternative is going to affect you for some time. It should also be noted that this is a very complex process and one that may require you to hire a bankruptcy lawyer to make sure everything is done right. Keep in mind that the entity pushing for the foreclosure can file a motion against this, so make sure you think about it before deciding.
The Loan Modification Route
Another solution that might work for you is applying for a loan modification. The lender does have to approve this, but it could stop the entire process. It is important that you keep up with the payments if approved or risk losing your home. You should remember that this option is only available for those who have not waited too long in this process. You also have to try to give the lender a reason to trust you, so make sure you have your finances in order to show that you are willing to work with them.
Those who do not see any other option may want to consider selling. The problem is that selling a house, especially one undergoing foreclosure, is hard. It takes time to sell a house and, most of the time, you have to invest a lot of money to try to make it presentable to potential buyers. You do not have time or money to deal with some of these additional expenses. Still, this does not mean that selling your property before it is foreclosed is impossible. All you need is the right solution, like the ones provided by companies like On Faith Properties LLC who buy properties on the spot. You no longer have to worry about the foreclosure or the debt.
Go After the Lender
Those who are dealing with a foreclosure outside a judicial process may be able to file the lender. This can work for those who know that the lender won’t be able to produce a promissory note or knows that the lender did not comply with the state mediation requirements. It is clear that you are going to need a lawyer if you are going to try to sue your lender. Those who are sure that the lender violated the state’s Homeowner Bill of Rights or simply did not follow the required steps in the foreclosure process should have a case. Now, it is important that you understand that you can lose this case, too. This means the foreclosure is only going to be delayed, and you would have acquired additional bills since you are still going to have to pay legal fees and court fees.
Hopefully, these options can help you in your current situation. There is no shame in seeking help in your time of need. Do not hesitate to get help because you do not have much time to waste.