How to Stop Foreclosures at the Last Minute

Wondering how to stop foreclosure and keep your home ? There are certain steps you can take. These steps will help you curtail your house impending foreclosure without additional issues in the end. Interested to learn more about it? Why don’t you continue reading?

 

Declare Bankruptcy

So, how to stop foreclosure and keep your home? The first thing that you can do is to declare yourself bankrupt. The moment you do this, the court will automatically issue an order for a property stay. This will put the foreclosure on hold. Be aware that lenders could try to circumvent this particular court order through another motion. However, even if the court grants the motion, it will still take a couple of months to affect the execution of the previous court order.

 

 

 

 

In addition, if a lender fails to make any motions for removal, the hold will still be in effect as long as the papers are being processed to foreclose. This can take as long as four months.

 

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Other ways to Stop Foreclosure and Keep Your Home

 

  • Modify Your Loan

This will be much easier to do prior to foreclosure. It is also an effective way to put a hold on the proceedings. If the courts approve modification, the foreclosure will remain on hold unless you stop making payments altogether.

  • Take the Lender to Court

You can also file charges against your lender. Only do this if you feel that the lender is going through a nontraditional means to foreclose your property. It is important to keep in mind that doing this is extremely risky for a multitude of reasons,including the following:

  • It is extremely expensive to do.
  • As the one filing the case, you will have to prove your claim.

You would have to prove the invalid nature of the foreclosure before the courts, which can be tedious to do. This should be the last resort for most homeowners,since it will not only damage your relationship with the lender, but also with the entire judicial system if your claim is proven to be false.

  • Contact Your Local Real Estate Agencies for Information

Another way, how to stop foreclosure and keep your home is to contact your local real estate agencies to find out more about how to prevent property foreclosures at the last minute. This way, you will have a professional resource regarding the matter. You will not end up going into this type of situation blind, whether on your own or with the people that you love.

 

Downsizing your home tax implications

 

Doing your homework is particularly good in this situation because it will protect you from any irreparable mistakes that can come from this emotionally taxing circumstance.

The Conclusion

These are just some of the many options that you can take if you ever need to prevent foreclosure. Take your time and think about what your next move would be. This way, you will not end up losing tons of money for something that could easily have been prevented through much simpler means.

Do not hesitate to talk to a lawyer before making the final decision. You will never regret arming yourself with knowledge about these things before diving in.

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