How to Stop Foreclosure Notice from being Effected
Foreclosure is a legal action that is taken by a lender when you have failed to repay your mortgage loan as per the agreement, and the lender initiates the process to recover the property. When you have completely been unable to meet the mortgage loan requirements due to some financial constraints, this is when the foreclosure notice can be served to you. Any foreclosure notice must go through the court via the financier’s attorney who will get the notice and have it sent to your address. 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 is an ideal option for those looking to delay the foreclosure notice, while it will not stop the foreclosure, it can be postponed. Discussing your position with your financier will let them know your position which will help you bargain for a repayment extension. Through this option, you can also bargain for a lower monthly instalment repayment plan.
Sell your home to fast house buyers with cash to stop the foreclosure notice. With the increasing number of house buyers with cash, it is easy to stop the foreclosure notice, and the buyers have ready cash for your property unlike selling it via listing with the realtors in your area. 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.
Filing for bankruptcy to suspend the foreclosure notice. Many people who have been unable to settle their liabilities because of different financial challenges may opt to go file bankruptcy. 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 also sell your home as a short sale via a realtor to stop the foreclosure. 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. Unlike selling the property to a real estate investor where you receive the sales value, selling your home as a short sale will not earn you any money, and yet you lose ownership of the property.