5 Ways to Stop Foreclosure Immediately – Don’t Let the Bank Destroy Your Family

There are various ways to stop foreclosure immediately, but the most common way homeowners can prevent foreclosure is by using the loan modification process. During this time of financial unrest, getting out of a bad financial situation is not really unheard of. Families today have options and lenders are willing to work with your family to keep you in your home. The following ideas could help keep the stress off your shoulders and the creditors and loan collectors off your back.

1: Refinance your original loan. Money lenders will consider foreclosure refinance loans if they feel you will not neglect making payments to them. Qualifying for refinancing is tough and the requirements are strict. The requirements include equity from your home and a steady income. Although the payments may turn out to be higher some homeowners prefer to start off fresh and use refinance as one of the ways to stop foreclosure of their family home. But let’s face it; there has to be an easier way.

2: Selling to a relative or close friend to prevent foreclosure may be your only way out temporarily. You will be out of your financial situation and be able to have them carry you for a while until you land back on your feet. You can lease or rent back the property from them until you are financially able to buy the property back. But if you don’t feel safe or trusting with the people you’ll be working with; this option may turn into a way for family or friend to make a quick profit selling your home at a reduced rate.

3: Try bankruptcy to stop a foreclosure in progress, but this can become an expensive alternative. The amount of payments which need to be made to satisfy the creditors and bankruptcy costs make this an option for those who have a large amount of disposable income. Let’s face it if disposable income is available your family wouldn’t be in this situation.

4: One of the easiest ways to stop foreclosure immediately is to sell the property outright before the foreclosure has time to proceed. If you can get enough for your home paying off your debt in time will stop the foreclosure from proceeding but will leave your family looking for a new place to live.

5: Work with an online loan modification service to prevent or stop a foreclosure from going through. This type of service will work with your lender to help rework your arrangement in order for your family to keep their home. The banks would prefer to get paid and not have to deal with trying to sell your home. This option will at the very least help you to repair your credit and hopefully prepare you to purchase another home in the future.

Ways to Stop a Foreclosure and Stay in Your Home For Free Indefinitely Even When Nothing Else Worked

There are a number of ways you can delay foreclosure and by reading on you will learn many ways to stop a foreclosure. By doing this right you will be able to stay in your home for a very long period of time without making mortgage payments. Just make sure that you know how to deal with every situation and use the legalities behind the foreclosure process.

Obama’s Mortgage Modification Program is not really working as it should be. More than 90% of homeowners here in the U.S. are now facing possible foreclosure and are not being considered by this program because they are failing the requirements to qualify.

There are ways to stop a foreclosure and delay the procedure so you can stay in your own property for a longer period of time. This is actually easy if you have the correct information at your disposal. You can even do it by yourself without a lawyer. One thing to keep in mind is to never sign any document about it and to never leave your home behind.

A lot of people are victimized by scammer during this vulnerable period of the process. You will be surprised that a lot of homeowners get scammed by being offered a short sale or a quick fix to this problem. These won’t save your home so beware of predators taking advantage of the situation that you are in.

Here are some tips that you may use to delay the foreclosure process:

Answering the foreclosure Notice:

A hardship letter is definitely one of the most used strategies not only used to get considered for mortgage modification but to get you more time in your home or property.

Use all time that you may get:

First avoid the receiving of the foreclosure notice for as long as you can. This little tip can get you months in your house. If they can’t get you to sign the letter, they will have to use other means to proceed.

If the summon has already received, then you have approximately 20 days to reply to the foreclosure notice sent by the court. Don’t reply immediately, wait about two weeks or so before your answer the notice.

By doing this you get an additional month or so that you can use to plan ahead. Keep in mind that this notice needs to be signed and received by a member of the household to be legal. Knowing this would be a great advantage for you.

A Hearing:

After exhausting some preliminary options you can request for a hearing. Requesting a hearing in your local Circuit Court would also give you additional time. Some very informed people have used this strategy effectively to stay in their homes for up to a year.

Closing Contracts.

There are other very effective strategies to delay the foreclosure process like revising your housing contracts for errors. Most Closing Contracts contain errors and mistakes and if used properly this could stop the foreclosure process right on its tracks for even more that a year.

Knowing the ways to stop a foreclosure is just one part of it. Knowing what to do in the right situation would delay the foreclosure process for more than 3 years. These tips have been proven useful by other homeowners and you too can start using these strategies to stay in your home longer.