How to Stop Foreclosure Aurora
Even after receiving a notice of default, you still have a chance to stop foreclosure Aurora. In fact, there are a number of options on the table for stopping foreclosure in Aurora.
In most cases, people who have been served with foreclosure notices in Aurora have missed more than three months of mortgage payments. When this happens, some will think that all is lost. Well, quite the opposite is true and if anything, there are up to five strategies you could employ to stop foreclosure Aurora.
Work out a solution with your lender
When you receive a notice of default, likeliest action would be that your lender has plans to auction the property. In some instances, the lender may come with a ready and willing buyer of the property, which could spell a bad time for you. To avoid foreclosure Aurora, it’s good to try and work out something with your lender.
Up until the time a lender decides to proceed with serving you a foreclosure notice and auctioning the property, they are usually more than willing to strike a deal with you so that you can get back on track with the payments.
If you can’t work out something with your lender, another option to stop foreclosure in Aurora is to go the bankruptcy way. Once you file bankruptcy, federal law will prevent your lender from continuing with their debt collection exercise. This will also affect all other people that you owe. When a lender has plans to serve you with a foreclosure and discovers that you have filed a bankruptcy claim, the process will be frozen.
One problem with bankruptcy, though, is that it only shields you for a matter of time. When in the court, the bankruptcy trustee will do their best to prevent the lender from proceeding with collection, which only but makes the trustee a mere mediator between you and your lender. When they are eventually unable to hold it anymore, the lender will still come for you.
What bankruptcy really does is buy you time to get another job or funds to clear the bills, but it doesn’t solve your problems permanently. According to the law, you will have to find an amicable solution with your creditors and repay them what you owe. But before taking this channel, it’s important that you find a bankruptcy lawyer in Aurora so that you know if you are making the right decision.
Today, most loans are not assumable. In fact, mortgages come with a due on sale clause where the borrower needs to agree to pay off the entire loan if and when the property is transferred. When foreclosure comes knocking on the door, it’s possible to persuade your lender and ask them to remove this clause so that it’s possible to transfer the loan to the person buying the property.
A good lender will consider this option and proceed by assessing the qualifications of the new buyer and if they qualify, everyone walks out of the deal happy. No debts to you, your lender has their money back from the sale and the buyer has their new property as they wanted. If you can negotiate a down payment from the buyer for paying off the mortgage balance the better.
Deed in Lieu
Another great option to stop foreclosure in Aurora is to sign a deed in lieu. Here, the home owner voluntarily signs the deed to the home back to the bank and since lenders are usually reluctant to agree to a home back via a deed in lieu, you might just be a lucky one. One major reason lenders fear a deed in lieu is that some homeowners might sue them later with claims they didn’t understand the process, but others will still allow the foreclosure to proceed since some homeowners are actually good at faking bankruptcy. Make sure you are in touch with a great lawyer to help you with advice regarding signing a deed in lieu.
The ultimate way you can use to stop foreclosure Aurora is opting for a quick sale. As noted earlier, if the lender successfully executes the foreclosure process, the next thing would be the sell the property and recover their losses. Rather than let them do this, you can decide to find house buying companies in Aurora, something most lenders will be okay with since it saves them the time of finding a potential buyer on their own.
You might just get lucky and sell the house at a price that is more than what you owe your lender. This should help you pay off the debt as well as move on with your life using the balance (profit). Finding the best people who pay quick cash for houses in Aurora can be a problem, but you don’t have to look for them, because we know one – Denver Property Flip.
At Denver Property Flip, we will help you stop foreclosure in Aurora by buying off your house in cash. Call us and we will ready an offer within 24 hours. If it’s good for you, money will be ready in 5 days.