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Preventing Foreclosure Proceedings and Understanding Your Options

Many homeowners are not aware that they can prevent foreclosure and save their house. Did you know that you can stop the proceedings up to an hour before the auction takes place? As a homeowner facing foreclosure, there are various options available. We will briefly examine some of the most popular options.

Reinstate the loan – Ideally, you would like to be able to pay the loan payments that you are behind on and bring the loan current. These costs would include whatever is owed on the missed payments and any additional late charges or attorney fees. This is the most efficient way of stopping foreclosure proceedings.

Get forbearance – When a lender forecloses on a property, it is expensive for them. They would rather work out an arrangement than proceed with the foreclosure. Talk to your lender and see if they are willing to work out a plan that outlines a way for you to bring your mortgage current. This agreement will vary depending on the situation and the lender. They may be able to help with a temporary reduction or suspension of your payments. If you have an FHA, VA, or other government loans, you may qualify for even more options.

File for Bankruptcy - Some attorneys may advise a homeowner to file for bankruptcy. This is a legal way to avoid the foreclosure process. However the process may still continue and you mayl be stuck with bad credit for up to 10 years. You should consult your attorney about the option of bankruptcy.

Sell your home – The problem with selling your home is that if you list it with an agent, and it doesn't sell, the lenders may still proceed with the foreclosure. The best way to go about selling your home in this situation is to contact a real estate agent who is familiar with foreclosure proceedings. The real estate agent may be able to put you in contact with investors who will be happy to buy your home.

Deed in lieu of foreclosure – This is when you would voluntarily give the house back to the lender. The lender is not obligated to accept it. You should discuss with the lender how they will report it back to the proper agencies. Should the lender choose to refuse the deed, they are required to file a Notice of Non Acceptance with the County Recorder.

Nothing – We mention this because many homeowners will ignore the lender and do nothing. Don’t fall into this trap. You have options when in foreclosure, you just need to talk to someone and find out what the best options for your situation are.

About The Author

Mark Lambie is the owner and operator of http://www.foreclosure-helper.com, a website dedicated to helping homeowners facing foreclosure. We provide a wealth of information on the whole foreclosure process and can help save your home from foreclosure.


Reprinted from ArticleCity.com


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