subject: Stop Foreclosure Sale - Know Your Options To Stop It [print this page] Stop Foreclosure Sale - Know Your Options To Stop It
There are several options that the homeowner facing a foreclosure sale can explore to stop the process. This short article outlines three ways to prevent a foreclosure sale. You need to know your choices to help you stop it. It's important to look at these options as early as possible because early intervention within the foreclosure process is essential.
The first possibility is to contact the lender of your house mortgage directly. There's a real chance that a finance company might be willing to postpone the sale in order to provide the homeowner additional time to locate a means to fix the foreclosure crisis. The organization will typically request documentation how the homeowner has a concrete plan to save their home for example applications for loan modifications or foreclosure bailout loans.
Another option to stop a foreclosure sale is to petition the county court for more time for you to resolve the situation. This method may involve the limited services of an attorney to help draft the right paperwork but a homeowner may get assistance from helpful clerks in the courthouse. Some victims of foreclosure may be reluctant to people for assistance, but please feel free. Foreclosure has become an epidemic and you're simply not alone.
The final means to fix consider when a foreclosure sale is eminent is filing a Chapter 13 bankruptcy. Most bankruptcy laws allow a petitioner to keep their primary residence. The house caught in the foreclosure process is basically protected by the bankruptcy laws if this is the path a homeowner chooses to pursue. An attorney focusing on bankruptcy in your state ought to be consulted before choosing this option. There are lots of other implications to weigh before filing bankruptcy.
These statements have endeavored to provide homeowners exploring the possibility options. There are ways to stop foreclosures sale. It is necessary, however, to understand your choices to stop it.
