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Foreclosure: Ways to Stop the Process

Having an NOD or a notice of default might be a sign that you are on the brink of losing your home. However, there is a good thing even in this type of situation; there are strategies that you can take advantage of to make sure you can stop the process of foreclosure.

1. Foreclosure Workaround

When you home have been scheduled for an auction, the lender will offer a workaround on the foreclosure process. This often involves compromise to help you find ways on how you can still acquire your home without disregarding the mortgage you own.

2. Short Sale

The note of default is your chance before an auction for your property happens. Through the help of a buyer that is willing to purchase your property for a short sale or through a lower purchase amount however with the responsibility to shoulder possible repairs and maintenance, you will have a chance at taking care of your property without having it claimed back by the lender or the bank. In this situation, the consideration or approval of the lender or the bank is also important in the agreement or in the short sale process. This is also a good option for the bank to let go o the burden of looking for the right people to hand off the property to.

3. Filing for Bankruptcy

When you file for bankruptcy, foreclosure procedures cease. Through the help of the federal law, your lender, the bank in this situation, as your debt collector, is prohibited in any collecting process. Foreclosure is a process of collection thus if you will be filing for bankruptcy you should expect the bank to let go of any collection process. A heads up when you go for this option though. Filing for bankruptcy is actually just a method to make sure you have enough time to handle your finances properly. Once you proceed with bankruptcy filing, the trustee in the process will just mediate between the negotiation between your bank and yourself. It is a temporary fix for the situation to be handled when you have no other option. You can also consult with an attorney that handles bankruptcy filing cases to make sure you are not in any way at a disadvantage if you push through on the bankruptcy filing option.

4. Assumption

Mortgage nowadays often do not offer assumption options; however, you can always negotiate your way through modifying your loan if you are fortunate wit an agreement process. Through the process of negotiation, you may have the chance to have your loan assumed by another buyer. This is an option that is best agreed by all parties. Some also require the third-party buyer to pay he purchasing amount of a home to make sure that you are current on the mortgage you owe.

Whether you go for the first option or you look through other options regarding your foreclosure process, the best remedy is to lean on expert advice. Foreclosure situations are best handled with professionals. Get some help through savetampahomes.com!