In a situation where you have missed 3 or more mortgage payments and your lender has written and filed an NOD, you may think you are going to lose your property soon. This is actually wrong, as the good news is there are some strategies you can use to stop the foreclosure on your property. Those steps are:
Foreclosure workout: till the day when your home would be auctioned, lenders would prefer to find the means to place you back on the track so that you could continue making your mortgage payments instead of taking your home through a foreclosure sale.
Short sale: when your lender has written and filed an NOD and an offer is made to you by a buyer, it must be considered by your lender. This can only happen before the day of the auction. If your home is being foreclosed, your lender would just turn around and resell the house. If you provide a short sale offer that is reasonable enough, this could be seen as preserving the effort, trouble and time which they would use in getting a qualified buyer. Hence, even if your house is placed on the market, you should continue looking for a buyer to buy it. Even if your lender has commenced the foreclosure process, this should not deter you from seeking a buyer.
Bankruptcy: the foreclosure process can be stopped through bankruptcy. When you file a petition for bankruptcy, your lender would not be able to continue the collection activities. This federal law stops any debt collector from continuing any collection activities.
Deed in lieu: when you are facing foreclosure, you would have to sign the deed with the bank which must be done voluntarily.
For any kind of information on loan modification specialist or loan modification expert, you can contact www.loanmoddepot.com. We are here to help you out in this regard.