A Guide to Stopping a Foreclosure Notice
A foreclosure notice is a legal notice given to any mortgage loan repayment defaulter, and the process is initiated by the lender who may repossess the property. The foreclosure comes when you have successively failed to repay your mortgage loan because of some financial challenges. A lender’s attorney will have to go to the court to file for a foreclosure notice of the which can later be presented to you. However, being served with a foreclosure notice does not it is the end of owning the property, you can always plan on how to re-bargain on the mortgage repayment terms or file for bankruptcy. Here below is a discussion on how to stop foreclosure notice from being effected.
You can deliberate a meeting with your mortgage loan lender for a discussion on why you were not able to repay your loan on time. This method will not stop the foreclosure notice but only delay it to a future date; you can take advantage of this approach. Your lender will want to know the reasons why you defaulted; this is the right time to explain your position and ask for an extension of the repayment period because of the challenges you are in. You can also discuss with your lender on a reduction on your monthly repayment amount.
Sell your home to fast house buyers with cash to stop the foreclosure notice. There are many companies in real estate industry that are buying a house for cash, this is a quick process unlike listing your property with the realtors and with the real estate companies you guaranteed of cash. From the sale of your home to property buyers with cash, you can utilize the funds to repaying for the mortgage loan which will also boost your credit ratings.
You can go for the option of filing for bankruptcy as another alternative to delaying a foreclosure. Many debtors prefer filing for bankruptcy whenever they are unable to settle their liabilities, the bankruptcy proceeding is to cushion them from the creditors. Filing Chapter 7 Bankruptcy will cushion you from the foreclosure for the entire period the matter will. Be in court; this is a step taken to postpone the foreclosure.
You can avoid the foreclosure by selling the property through an agent in real estate as a short sale. A short sale of a home means that the property will be sold at a price which is lower than the market rate, this a probably a price lower than what you bought the property at. While selling the home to home buyers will earn you quick money, a short sale does not earn you any money, and neither do you retain ownership of the property.