subject: Stop Foreclosure Sale - Know Your Options To Stop Foreclosure [print this page] Author: Hector Milla Author: Hector Milla
With the current economic climate, a pandemic of foreclosure's has inundated the U.S. home owner market, with a result that increasing numbers are looking for alternative methods to stop a foreclosure sale. Listed below are the main (but by no means the only) ways to avoid this particular outcome. Refinancing your current loan with a new loan which will pay off your current lender and stop foreclosure. Be aware that with this position you may incur closing costs, higher interest rates and it may not be an optimum option if other liens are against the property. However, this is not always a guaranteed solution as some lenders will continue proceedings. Natalia Osorio Editor of the "Stop Foreclosure Loans" website -- http://www.StopForeclosureLoans.org -- pointed out; Modify your current loan with your current lender through directnegotiation with that lender and their officers. This simply changesthe terms of the loan itself, be it interest rate, term, payment etc Filing bankruptcy will halt the foreclosure process, but it is not a solution, only a temporary delay until judgment when court officers will require payment off arrears and continuation of full payment. You may be able to borrow to pay arrears, however, this is not always possible as being in arrears on your current payments will have a distinct negative effect on any application you may forward to a lender and is only a temporary fix at best. Negotiating with your current lender to arrange a discounted payoffwill stop foreclosure but you will have to sell the property. Ifpossible, you may look towards a temporary indulgence such as a short grace period to allow you to bring your account current, a liquidity plan --add more to current payments to bring your account current--, arepayment program and in some extreme cases a forbearance agreement may be reached --usually only available for special circumstances suchas a death, natural disaster or other serious problems, whereby the lender accepts a lump sum payment then suspends regular payments for an agreed period, maximum 24 months--. These methods may help you stop a foreclosure sale N. Osorio added. Further information about how to get professional assistance with a mortgage loan modification by http://www.StopForeclosureLoans.orgAbout the Author:
Hector Milla runs his corporate website at http://www.OpsRegs.com where you can see all his articles and press releases.
