Which Is the Best Way to Apply to Get out of Foreclosure?

zgnIf you were not able to pay the mortgage on time and thus your lender has filled an NOD, there is still some time for you to save your precious house. There are still few ways that can help you stop foreclosure.

Bankruptcy:

Bankruptcy helps stop foreclosure at once. As soon as you file a petition for bankruptcy, it prohibits the debt collectors from continuing the collection activities. It is an activity that when your lender knows, the foreclosure process gets stopped immediately.  It simply buys you some time to recover from your financial hardship. The law forces the creditors, including the mortgage companies to work with you and formulate a good repayment plan as soon as you become stable. You can contact our loan modification experts to know more whether it might be a good strategy for you or not.

Short sale:

After the NOD has been filed by your lender, it must be considered by your lender before it will be scheduled for the auction. What happens here is that your lender will try to resell it. It is also effective for the lender since it saves a lot of their valuable time.  Seek a buyer for your house and continue with it. Our foreclosure experts will help you a lot in this regard.

Dead in Lieu:

Here, the homeowners facing foreclosure sign a deed to save their houses. The lenders are usually hesitant to get the borrowers’ houses through this process because of many reasons. They are scared that the homeowners will come back and say that they didn’t understand what was happening.

Visit our website: www.loanmoddepot.com today for any kind of loan modification help you need and share your problem with us. We will surely guide you to the straight path in order to lessen your problems.