Hayes Law Center: Talk on Ways to Stop Foreclosure by Hayes Law Center

Hayes Law Center: Talk on Ways to Stop Foreclosure by Hayes Law Center

Hayes Law Center: Talk on Ways to Stop Foreclosure by Hayes Law Center

When a lender files a Notice of Default, your options are typically limited. That is why Hayes Law Center believes that it is better for you to call your lender before falling behind on your payments, because lenders are often reluctant to work out repayment schedules after foreclosure proceedings have been commenced. Hayes Law Center explains that you will be given a certain time period to bring the payments current, pay the costs of filing the foreclosure and stop the foreclosure. This is known as a reinstatement of your loan. If you cannot make up the missed payments and the lender will not work with you, here are a few other options to stop foreclosure:

-Sell Your Home. Hayes Law Center suggests that you interview real estate agents to get an opinion of market value and average DOM to sell your home. You might be tempted to hire a discount broker, but many sellers feel they need the exposure and marketing that full-service brokers offer. So, it is best to compare both in order to determine which best meets your needs and time frame.

-Consider a Short Sale. If your home is worth less than the amount you owe, you might be a candidate for a short sale. A short sale affects credit but it's not as bad as a foreclosure. You or your agent will need to negotiate with your lender to find out if the lender will cooperate on a short sale. This is called a pre-foreclosure redeemed.

-Sign a Deed-in-Lieu of Foreclosure This, Hayes Law Center notes, is called deeding the home back to the lender. The homeowner gives the lender a properly prepared and notarized deed, and the lender forgives the mortgage, effectively canceling the foreclosure action. Lenders tell Hayes Law Center that deeds-in-lieu of foreclosure affect credit the same as a foreclosure.

Hayes Law Center informs that the lender might also work an arrangement where a home owner can remain in the home until finding a place to move into. Owners in default most often should negotiate the right to retain occupancy, arguing that if the lender followed through on the foreclosure, an owner would still enjoy the right of possession during that procedure.

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