While buying a property, losing it is one of the last things on the buyer’s mind. However, if you are faced with the prospect of going through a foreclosure, don’t give up quickly because there are ways to stop the lender from initiating this process. Below are a few options, and with the help of experienced advisors like Loan Modification Depot, you can buy yourself time to save your property or credit rating.
The moment you realize that you might default on a payment, reach out to your lender. The fact is even lenders wouldn’t want to go through a foreclosure process, so they would be willing to talk about ways to get you back on track with your payments. There are a number of loan modification options you can consider together. Also, it would be advisable to enlist the help of a leading loan modification specialist during this process, in case you don’t feel well equipped to handle it alone.
You can ask the lender to postpone your mortgage payments for some time, till your finances improve. No foreclosure can be initiated during the forbearance period. This is one of the best options to stop a foreclosure, but this is a temporary relief. You must ensure that you are able to find a solution to your financial problems before the stipulated time ends.
If you don’t care about retaining the property, this is a smart way to stop a foreclosure. The proceeds from the sale might be able to cover the entire mortgage amount, and even leave some money for you. In case the value of the house wouldn’t cover your debts, you can opt for a short sale, wherein your lender will allow you to sell your property for less than the mortgage value in order to escape the costly and time consuming foreclosure proceedings.
Though this wouldn’t give you a permanent solution, but it can temporarily halt the foreclosure proceedings. You would need a legal counsel for this and Loan Modification Depot would be a great solution.
Don’t lose heart if you are faced with an impending foreclosure. There are ways to stop it and salvage your credit rating up to an extent, with expert help from Loan Modification Depot, a leading player in the loan modification consulting space.