How to Stop Foreclosure–Part 2

Please Note: The following article is intended to be informative only–it is not legal or financial advice. Be sure to consult your own legal and financial advisors before making decisions.

How to Stop Foreclosure–Part 2

This is the second post in a two-part series. Be sure to read How to Stop Foreclosure–Part 1 here.

Show That You Intend to Take Care of the Situation

Once you’ve received a notice of intent to foreclose, you still shouldn’t lose all hope. Most of the time you can still keep your home and reconcile the debt with your bank. You might have to make a larger payment or the bank may actually try to demand that you pay the debt in full, but if you get a foreclosure attorney involved you may be able to undo these issues. Most of the time if you can pay a portion of the missed payments on the spot you’ll be able to proceed normally and set up new monthly payments so that you don’t have to lose your home. An attorney can often step in and help you set up payments that will not leave you broke, but will also satisfy the needs of the bank. Sometimes it is easier to have an attorney present to sort of act as a middleman since this is a very stressful situation for most owners, and it can be difficult to keep emotions out of it. Attorneys will also be able to ensure that your rights are protected and that you have every chance possible to save your home from being foreclosed on.

Get A Quick No-Obligation Offer For Your Property

If you miss the boat on this type of thing, you can actually show up at the auction for your home. As long as you are the highest bidder, the bank doesn’t care who buys the home just that the home sells. If you are intent on saving your home, the auction is a great place to be because there may only be a handful of people there that bid on the home and if you are able to put down a large sum of money, you might just win your house back! Don’t dismiss every chance possible to win your house back, as you may figure out how to come up with the money just in the nick of time.

As you can see, there are many ways to keep from being foreclosed on. Many people simply sell their homes, sell belongings, stock, or take money from savings accounts to pay off their debts and get back on track. Foreclosure does not only mean the loss of your home, it means damaged credit and the need to look for a new place to live. If more people would realize that the bank really does not want to foreclose on their homes and that they can take advantage of these offers by just picking up the phone and getting in touch, fewer homes would be foreclosed on. Banks will often help you refinance if you are just not able to make such big payments each month, or they’ll make payment arrangements for you to get on top of the debt. Don’t be afraid to ask questions, get help, and get aggressive about keeping your home because you can stop foreclosure.

Read more articles about foreclosures here.