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Four Ways to Stop Foreclosure

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If you are afraid about having your home taken by the bank, know the options available for you to stop foreclosure. Learn how with
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  • Added: March, 30th 2011
  • Reads: 214
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  • File size: 1.23mb
  • Pages: 20
  • Tags: stop foreclosure, notice of default, lis pendens, foreclosure process, bankruptcy, foreclosure short sales, pre foreclosures, foreclosuredeals
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by Jay on April 04th, 2011 at 11:25 am
Very helpful tips. great to take notes on at this moment in our economy.
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Content Preview
Four Ways to Stop Foreclosure
Several Options to Help You Avoid Losing Your
Home to the Bank

Stopping Foreclosure
Did you just receive a Notice of Default (NOD) or a Lis Pendens (LIS) from your lender
alerting you to a pending foreclosure? Regardless of the circumstances that led to your
default, you should know that foreclosure is NOT your only option! Other options for you to
consider include:

Full Reinstatement

Creditor Negotiations & Loan Modification


Short Sale
Remember, allowing the bank to foreclose means losing your home and damaging your
credit. This is the worst possible outcome and should only be considered as a last resort.

Foreclosure Process
Before we go deeper into how to stop foreclosure, lets start by explaining how the
Foreclosure Process works. This process is different depending on your state and local laws, but
generally depends on two different types of foreclosure:

Judicial Foreclosure - The lender issues a Lis Pendens (LIS) when the homeowner
defaults on their mortgage and sues the homeowner in order to get a judge to sign off on a
Notice of Foreclosure Sale (NFS), which allows them to sell the home at auction.

Non-Judicial Foreclosure - The lender and/or trustee issues the homeowner a Notice of
Default (NOD)
when they default on their deed of trust. If the arrears are not addressed, the
lender issues a Notice of Trustee Sale (NTS) and sets an auction date.
PLEASE NOTE: It may still be possible to prevent a foreclosure sale even after a Notice of Sale has been issued. However, your
best chances of stopping the impending foreclosure of your home is before a Notice of Sale is issued, during a time known as the
pre-foreclosure period. Check your local laws to find out which type of foreclosure applies to you.

Full Reinstatement
This is the easiest and most painless way to stop foreclosure because:

If you can repay your arrears in full, your house will not go into foreclosure.

There is absolutely no risk of losing your home or damaging your credit at this stage.

Full Reinstatement
PLEASE NOTE: Chances are that if you fel behind on your loan payments
then the money simply isn't there to pay off the debt. Consequently, this isn't a
suitable option for everyone.

Creditor Negotiations & Loan
If you are unable to repay your arrears in ful , the next option is to meet with
your lender and discuss an alternative to paying off your loan at the current
rate. Trying to negotiate with the lender is the second best option to paying
off your arrears in ful . An understanding lender can stop foreclosure and
prevent you from losing your home and ruining your credit.
The most common of these options is a Loan Modification.

Creditor Negotiations & Loan
Loan Modification:

Al ows you as the homeowner to negotiate a lower monthly payment and
interest rate with your lender.

If you need assistance negotiating with your lender, consult a
representative from the U.S. Department of Housing and Urban
Development (HUD). You may qualify for the federal Home Affordable
Modification Program (HAMP).

Creditor Negotiations & Loan
Other potential creditor agreements include:
A third party settling your home loan for less
o You can negotiate to have a third party settle your home loan for less
than the original amount.
o Success with this method may depend on how much your home is
currently worth versus how much it was worth at the time you took
out the loan.
Paying as much upfront as possible
o Ask your lender to agree to let you pay them as much of your arrears
upfront as possible. 
o Arrange a new monthly installment plan for paying off the rest.

Creditor Negotiations & Loan

o The lender may agree to stop foreclosure so long as you make good on a
promise to reach a certain requirement.
o This might include setting a due date for a specific payment, making repairs
or possibly even selling the property.

If you've reached a point where you are unable to repay your arrears and loan
modification or other forms or creditor negotiations are not an option, you still have
some choices. Unfortunately, few options at this point will not result in the loss of your
home or damage to your credit score. If you care more about keeping your home than
damaging your credit, you may want to consider bankruptcy
There are two types of common bankruptcy procedures for individuals:
Chapter 7
Allows the government to liquidate, or redistribute, your assets.
Property is usually exempt from liquidation when an individual files for
Chapter 7, but check with a bankruptcy counselor recommended by the U.S.
Trustee Program
to be sure.

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Four Ways to Stop Foreclosure



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