There are numerous options for you to stop foreclosure on your home. You can stop foreclosure on your home by…
- Applying for loan modification,
- Filing bankruptcy, or
- Filing a lawsuit.
These options will lead to a stop on the foreclosure on your home immediately, stop the foreclosure process and give you time to make payments, or lawsuit against the mortgage lender for wrongfully imposing foreclosure on your home.
Our network of experienced foreclosure attorneys gives free consultation for foreclosure help. Call (818) 697-4295 to speak to one of our foreclosure attorneys today.
Apply for Loan Modification to Stop Foreclosure Process
Another option to stop foreclosure on your home is to apply for a loan modification. In this plan, you and your lender will discuss and agree to change the terms of your loan payments.
When you apply for the modification, the foreclosure process will not move forward until the change is approved or denied. This option’s purpose is to make your payments more affordable by modifying the mortgage terms.
The advantages of applying for a loan modification are that you will be able to…
- stop the foreclosure process immediately and
- make the mortgage payments more affordable to you.
File Bankruptcy to Avoid Foreclosure
One way to stop foreclosure sale date on your home is by filing bankruptcy to avoid foreclosure, specifically, the chapter 13 bankruptcy.
A chapter 13 bankruptcy allows homeowners to propose a repayment plan to your lender that will change monthly payments to be more affordable to you. This plan is a complete refinancing of your mortgage.
The advantages of the chapter 13 bankruptcy are that…
- you will be able to stop foreclosure process immediately,
- you will be able to extend the payment period over 3-5 years so it becomes more affordable,
- you will not be in contact with a lender under the chapter 13 protection.
Filing chapter 13 bankruptcy is a great option if your main concern is to save your house from foreclosure.
Difference Between Applying for Loan Modification and Filing Bankruptcy
While there are noticeable similarities between applying for a loan modification and filing bankruptcy, there are couple key differences that separate the two.
In a loan modification, your lender must approve of the plan to take effect. With the bankruptcy approach, however, you do not need your lender’s approval (the court gives approval). Therefore, filing for bankruptcy will be a better choice if your goal is to stop foreclosure and refinance your monthly payments that cater to your financial situation.
Filing Lawsuit to Stop Wrongful Foreclosure
Filing lawsuit against your lender may stop foreclosure if they were imposing wrongful foreclosure on your home.
Watch out for these mortgage fraud from your lender:
- Dual Tracking – moving forward with foreclosure process while in discussion with the homeowner about a loan modification.
- Delays in Application Process – taking an unreasonable length of time to process your application by ‘losing’ them or sending you late notices.
- Not Honoring Modification Plan – failing or refusing to transform your trial modification into a permanent one after completing the trial.
If it seems like any of these mortgage fraud is happening to you, seek legal help immediately to save your home from being foreclosed.
Stop Foreclosure Immediately – Get FREE Legal Advice from Foreclosure Attorney
It is important to have legal help on your side if you wish to stop foreclosure on your home. Trying to save a bit of money by going through foreclosure alone is not worth losing your home.
When you contact our center, we will connect you with an experienced foreclosure attorney who will be able to help stop foreclosure for you.
Call (818) 697-4295 for immediate foreclosure help. Our partner attorneys give legal advice for FREE!
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