Understanding Foreclosure. Best Practices for Consumers During Foreclosure Process.
Facing a foreclosure on your home can be a tough and painful ordeal. It can be devastating to learn that all the payments you have made and your efforts were not enough to stop the foreclosure process. At this point, the most sensible thing to do is to take a deep breath and face your problems as graciously as you can, while you try to make the best of a bad situation.
Best Practices for Consumers During Foreclosure Process
Unfortunately, the foreclosure process will happen with or without your consent, so you may want to put your energy on developing a good strategy that will help you get out of the situation. You find it helpful to be familiar with all of the many steps in the foreclosure process, which may come at to your rescue when required. We at Credit Yogi can help you navigate the stop foreclosure process. We have been providing Free Consultations since 1999. Our Toll Free Consultation Line is answered by a live agent and available 24/7/365. Even though you may feel that your protests will go in vain, completing the processes involved in the protests can buy you some valuable time.
The foreclosure is a long process that can often extent from six to twelve months. You can use all of that time to your advantage by exploring every possibility to learn how to stop foreclosure. We would recommend that you do not move out of your house. With a foreclosure hanging on your financial records, it may be difficult to find a new place to live. Furthermore, leaving your house will not solve your problem. Your financial responsibility will follow you if wherever you go, and will affect your credit record for seven to ten years, depending on the laws of your state. It’s completely understandable if you want to hold your ground during the stop foreclosure process, but you may also want to keep in mind that the lender is not necessarily your enemy. Even lenders have many reasons for which they prefer not to go through with the foreclose. For one, this process may prove to be quite lengthy and expensive for them, and they are losing money every day. Furthermore, when they eventually get the house, they must try to sell the property even if it’s less than the market price in order to make some profit. Just like you, even they don’t like the process. Keeping that in mind, you can approach them as a partner and learn how to stop foreclosure auction immediately. You can ask an advisor get in contact with your lender as soon as you are alerted of the problem. Your advisor can help show you how to stop a foreclosure auction immediately by being completely open and honest about your financial difficulties and your desire to make things right. It certainly won’t do you any good to avoid phone calls or letters. Let the lenders know clearly that you are working with them, not against them. Many times this can lead to a forbearance, in which the lender will allow you to pay interest only until your financial situation improves.
Know The Law
You should also have the knowledge of the foreclosure laws in your state if you want to know the proper procedures of how to stop foreclosure, and credit-yogi can provide you with that free of charge. You can also get this information from a state service, or you could retain a lawyer. It is crucial to follow the laws according to your state, because there is no wiggle room. Do make sure that your lender is following these laws as well. With foreclosures reaching an all-time high, many lenders are retaining services to pursue these foreclosures for them, and some of those services may not be on firm legal ground. If your lender or a representative of your lender violates foreclosure laws, they could surrender many of their rights to execute a full foreclosure. Hiring a lawyer might be particularly helpful if you suspect that this is happening is happening to you.
Find The Help You Need
You may decide to immediately pursue a mortgage refinancing to help stop foreclosure depending on your equity as well as few other factors. Your primary lender may not take notice of this, but there are many third-party lenders who could. They may offer surprisingly beneficial terms on a loan modification as an ideal outcome. When going forward with this, you can make sure that you check for all hidden costs such as homeowner association dues, liens, and tax liabilities. Your loan modification expert should help you make sure that all of these issues have been considered to help stop home foreclosure.
If everything else fails, you can always resort to bankruptcy to stop foreclosure. However, the laws on declaring bankruptcy have made the process much more difficult, and it will have extensive effects on your financial standing. If you think this is the best option for you, hiring a lawyer is definitely a good idea to help to get through the process. Credit-yogi.com can connect you with one free of charge. Our database has over 160,000 Financial and Legal Professionals licensed in over 30,000 zip codes and there is never any obligation to hire.
Remember, no one can force you to leave your home until the courts rule that you must. Be sure to try all of your options. Sometimes there is government help to stop foreclosure depending on your mortgage type. You can use the foreclosure process to your advantage to buy time.