How do you stop Foreclosure?
Threatened with Foreclosure?
As soon as possible after you have received a notice of default from your home lender, take action to defend your home by contacting Distressed Mortgage Solutions. We have more than 9 years of experience and have had success with almost every bank and lender. This may be a stressful – perhaps even overwhelming – situation, but it is not one that you have to face alone. An attorney from our team can meet with you for a free consultation to review all of your options and to begin working on the most effective strategy for your case. Take the time now to get acquainted with some of the most common approaches to halting a home foreclosure.
Stop Foreclosure with Bankruptcy
In extreme cases, the most powerful tool for stopping a foreclosure is to declare bankruptcy. This is due to the fact that as soon as you file your petition with the bankruptcy court, you will be protected from adverse creditor action by an automatic stay, an injunction which legally prohibits your creditors from using wage garnishment, repossession or foreclosure to recover payment from you. If you choose Chapter 7 bankruptcy, then you can discharge most or all of your unsecured debt within a few months, which will leave free up a significant portion of your income to be able to afford the mortgage payment. If you file under Chapter 13, you might even be able to include the mortgage arrears in your debt restructuring repayment plan.
Alternative Options for Stopping Foreclosure
Bankruptcy is not right for everyone, and there are ways to stop a foreclosure without resorting to such drastic measures. If the case has not yet proceeded to the courtroom, a lawyer may be able to help you negotiate with the bank for one of the alternatives to foreclosure, such as a loan modification for a reduced mortgage payment or a deed in lieu or short sale if you are ready to move on with your life. In the event that the lender does take you to court to sue for a judgment of foreclosure, your success in stopping the action depends on being able to make it impossible for the bank to prove that it owns the mortgage and that you are in default, which, contrary to popular belief, often can be done. The most important thing to remember is that it is possible in many cases to stop a foreclosure, no matter how hopeless the situation may appear. Contact us now for a free consultation to review your case and to learn more about how we can help.