Can Foreclosure Auctions Be Stopped?
Are you a homeowner who has been ignoring the warning letters and telephone calls from your bank? If you are, you may find yourself in the middle of a foreclosure crisis. At this point in time, fear may automatically set in. What will you do? Where you will live? Can you afford to move?
Before you let fear take over, it is important to know that foreclosures can be stopped. Although this process is not easy, it can be done.
PRO-ACTIVE FIRST STEP
It is advised that you speak with your financial lender as soon as you find yourself experiencing financial difficulties. For example, when you get laid off or fired from your job, schedule an appointment to meet with your lender and develop a plan, before any problems arise. At the very least, communication should be made when you start receive intent to foreclosure notices. Even if the public knows that your properties foreclosure process has officially begun, you can still talk to your financial lender.
In this instance, the sooner you do so the better. As for why you should talk to your financial lender, even at the last minute, they want to avoid foreclosure as much as you do. Often times, lenders lose a considerable amount of money on the sale of foreclosure homes. If you can prove that your financial troubles are only temporary, your lender may give you a reprieve. They may stop the foreclosure proceedings for you. As for what can lead to this, you or your spouse getting a second job can help.
- Ask if there is a 3 month trial payment for a loan modification that you may qualify for.
- Give an accurate verbal budget
- Put the Loan # of each faxed page so nothing gets lost.
- Fax all requested documentation in a one complete fax (do not fax one piece at a time)
- Ask about a repayment plan for the balance over the course of 6 months to 1 year
- Be pro-active and call every 3 days for an update
If you are dealing with a locally owned and operated bank, which you have been a loyal customer of, it is important to outright ask what can be done. Offer suggestions yourself, if you do not receive them. Could you continue making all future mortgage payments on time, but develop a payment plan for your past due amount? Can you only pay interest for the time being? Can you be given time to sell your home, as opposed to simply just losing it? These are all important questions that you should ask.
You know determined that you do not qualify for any of these work out plans from your bank. Now what?
PRO-ACTIVE SECOND STEP
- For starters, would you like to get out from under your property? (Pro-active Last Resort)
- Behind on payments? Facing Foreclosure?
- Making double payments?
- Bought a new home, but can’t sell the old one fast enough?
- Trouble Selling because of no equity?
- Death of a loved one? Need to settle an estate?
- Job Transfer or Relocation?
- Liens or Title Problems?
- Need to sell because of a Divorce?
- Tired of being a landlord?
- Real Estate agent hasn’t come through as promised?
- Is your house vacant, or in need of repairs?
If your ready to walk away and still want to be pro-active regarding your credit status then call us at 918-409-0063 for a FREE consultation. We are a privately held real estate investing group that provides a FREE service to you and we have a team of people who know how to negoitiate with the bank. Meanwhile, your home will be listed on the open market attracting buyers that may buy the property out of the foreclosure. This may be the solution for you to consider which often leads to closure, peace of mind, and it can be the start of your credit recovery.
We have helped sellers, in every conceivable situation, solve their real estate problems. Give us the opportunity and we will help you get rid of the hassle of selling your house so that you can get on with your life.
2. If you want to keep your home, make sure that you can honestly do so.
It is recommended that you take forty percent of your income and apply that towards your living expenses, this includes mortgages and taxes. If this isn’t possible for you to do, the avoidance of foreclosure now may result in the process starting again in a few months.
THIRD STEP – (LAST RESORT)
Another way that foreclosures can be stopped, in most states, is with a declaration of bankruptcy. However, this step is one that should not be made on a whim. It is first important to meet with an attorney specializing in bankruptcy. If you file for bankruptcy will the foreclosure proceedings stop? Can you make it so that your home is not considered an asset in bankruptcy proceedings? If so, this is the avenue that you may want to take. However, since bankruptcy can negatively influence your credit, it should only be used as a last resort. Before you take any action with the hopes of stopping foreclosure, you need to closely examine the situation at hand.