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Stop Foreclosure -- Avoid Foreclosure -- Prevent Foreclosure
There’s almost always a way to stop, avoid, or prevent foreclosure. Do it now. For free advice about your situation, call us:
in Las Vegas NV: 1-702-991-9868
in Los Angeles CA: 1-310-237-5771
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Ways to Stop, Avoid, or Prevent Foreclosure
Here are the possible ways to avoid, prevent, or stop foreclosures. Your best choice is to start with item #1, then work your way down our list. Consider which alternatives would work with your financial problem. Then contact us for good, free advice on how to stop a foreclosure with your situation or problem. We buy property at a fair price and maybe we can buy your home for sale, but even if we can't buy a house, we give free advice.
1. If your mortgage payment is behind, keep in contact with your mortgage lender. Yes, it’s a hassle when they call, but you need to reassure them that you’re working on the financial problems. Mortgage lenders are sometimes willing to delay or stop foreclosures, IF they think you will be making a mortgage payment soon. That doesn’t mean you should lie, just tell them what you’re doing to fix the financial problem.
2. Don’t move out of the house. Moving out means to the mortgage lender that you have abandoned the house and that they won’t get any mortgage payments, so there's a higher chance of being foreclosed. It also cuts you out of any fair chance to refinance a mortgage or any loan modification programs they have.
3. Bring the Mortgage Current. If you can find the money, most mortgage lenders will accept a cashier's check paying all mortgage payments and fees up until the day prior to the foreclosure auction. Usually, they will only accept the full amount --- no partial payments. Can you get money from a relative, get an advance from your boss, get an equity loan or a personal loan, sell something of value, etc.? Any ideas? CAUTION: If you borrow money, you’ll have to pay it back someday. Consider whether you have a fair chance to pay the money back or are just digging a deeper hole just to get foreclosed later.
4. Get on a Mortgage Payment Plan. Ask your mortgage lender to set up a payment plan for you. Maybe the lender will let you pay something extra each month until you get your mortgage payment caught up. Don't wait until you're desperate to ask about this.
5. Loan Modification. Your mortgage lender will sometimes modify the mortgage to help you avoid foreclosure. This might be by taking the late payments and adding them to the back of the loan, or letting you pay part of your late payments on a monthly basis, or even lowering your interest rate and mortgage payment. Maybe they'll help you. Call them and ask how they'll help you avoid having your home foreclosed.
6. Partial Claim. Your present mortgage lender may be able to request a small loan from HUD to bring your mortgage current. You may qualify if you are not yet in foreclosure, your loan is 4-12 months behind, and you can begin making your regular mortgage payments. This loan is interest-free and must be paid back when you sell your house, or move out, or when your loan matures.
7. Refinance the Mortgage. If you think you may have enough equity to refinance the mortgage, contact a mortgage lender to see what they can do for you. CAUTION: If you refinance a mortgage, your mortgage payment may increase. Do you realistically expect to have a fair chance to make the mortgage payments you’re agreeing to make without getting into a desperate financial situation? If you decide to refinance the mortgage, consider paying several months’ mortgage payments in advance with the proceeds of your new loan, to give yourself time to deal with your current financial problem.
8. Sell the House but Rent House Back. If you have sufficient equity, you may be able to sell the house and rent the house back for a number of months or even years. To rent houses like this, you will have to make an agreement with a person who wants to buy the house. Be aware that most buyers won't give you an option to buy the house back because of potential legal problems, but you can always ask. When on sale, homes should be kept neat and clean. Call us: We buy houses cash:
in Las Vegas NV: 1-702-991-9868
in Los Angeles CA: 1-310-237-5771
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9. Sell the House and Move out. A house sale is possible even if you have no equity, and even if the house is upside down. The sooner you put the home for sale, the better chance to avoid being on the list of foreclosed homes.
A. If you have a significant amount of equity, you may be able to sell the house and pay off all mortgages and liens. Sometimes, a home buyer may allow you to rent the house back. Alternatively, you can sometimes receive more money when using a real estate agent to sell a house in the "normal" way. We have a home buyer network and real estate agents who can help you. Home buyers in our network can close a sale quickly at a fair price. Contact us for good, free advice.
in Las Vegas NV: 1-702-991-9868
in Los Angeles CA: 1-310-237-5771
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B. If you have little or no equity, contact us so we can have a home buyer call you. The home buyer may be able to buy the house or work on a Short Sale (see the next paragraph below). We can also have one of the real estate agents in our network call you.
C. Upside Down Property (Short Sale). In the event that you have no equity or very little equity and no good alternatives, one of our agents can help you can request a Short Sale from your mortgage lender. In a Short Sale, the lender lets you sell a house for less than you owe on the mortgage. Therefore, the lender will normally insist that you get little or no money from the house sale, except maybe some money to help you move out.
- To do a Short Sale, request a Short Sale Package from your mortgage lender, then find a home buyer, then complete the Short Sale Package and send it to your mortgage lender. Your mortgage lender will then decide whether to proceed with the short sale or complete a foreclosure. We can help you with this.
- If you have more than one mortgage, each lender which isn't getting paid in full must agree to the short sale. In some cases, the lender may also ask you to agree to pay them back later for part of their loss, usually on a monthly basis. You always have the choice of saying "No."
- If there are other liens on the property, the lenders may or may not agree to the house sale.
- Short Sales are better for your credit than home foreclosures. When done right, a short sale can prevent the lender from suing you for its losses (which is called a deficiency judgment), and you stay off the list of foreclosed homes.
10. Deed in Lieu of Foreclosure. A deed in lieu, sometimes called a "deed lieu of foreclosure" or "deed lieu foreclosure", allows you to give a house back to the bank. The bank has a choice of whether to accept the house from you or not. For example, if there is a second mortgage or lien on the house, the bank may refuse to take the house because they would then have to pay off that other lien. Deeds in lieu of foreclosure are better than foreclosures, as long as the bank agrees in writing to forgive you for the whole debt.
11. Bankruptcy. Filing bankruptcy will delay a home foreclosure, not prevent it. All liens and mortgages against the house will remain and continue to earn interest and penalties during the bankruptcy process, until you pay them. If your only purpose is to delay the foreclosure, perhaps because you have a large sum of money coming in soon, a bankruptcy may be a valid choice. A bankruptcy stays on your credit for 10 years, and it's like digging yourself a deep financial hole and trying to climb out for the next ten years. You will have trouble getting credit at fair rates, be charged high insurance rates, and may have trouble getting a job after a bankruptcy. If your main problem is the foreclosure, avoid bankruptcy because it'll probably make things worse for you.
After reviewing these possibilities, contact us for free advice on your financial problem.
in Las Vegas NV: 1-702-991-9868
in Los Angeles CA: 1-310-237-5771
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