Stop Foreclosure Lakewood

There is no homeowner that is not afraid of a foreclosure, leave alone the battle to stop foreclosure in Lakewood.

It’s not an easy task because there are two parties interested in the same asset but with different motives. The first party is the homeowner who, by all means, wants to stop foreclosure Lakewood and keep the house. And then there’s the mortgage lender who wants to proceed with the foreclosure so that they can recover the money owed by the homeowner – unless it’s paid. These two will do everything in their power to ensure that they get what they want, but there’s no doubt the homeowner stands to lose a lot if the lender’s wish is granted.

When dealing with a foreclosure process, it means that your lender is probably getting ready to evict you from the house. The prospects of being evicted from the house after a foreclosure can be upsetting, however, if you are a homeowner struggling with foreclosure issues as well as high prospects of being evicted, there are some options for you – options that can help you prevent eviction after a foreclosure or maybe help you to subsequently stop foreclosure.

Foreclosure and eviction processes

In the event of a foreclosure, it means that you are no longer entitled to own the house. This also means that you are not entitled to live in the house because you cannot afford it. So, in order to avoid an eviction process, you first need to understand processes of foreclosure as well as eviction itself. Note that the exact procedure will vary depending on whether the foreclosure process is court-supervised or non-judicial.

In general, once you miss making monthly mortgage payments for a number of months, your lender will serve you with a notice of intent, which means they can proceed with the foreclosure process from anytime going forward. Of course, you will receive more than one notice regarding the foreclosure before the lender eventually takes action and as such, it is important that each of these notices is reviewed in detail and where necessary, take the required action. The worst thing to do when going through a foreclosure is to do nothing about the correspondence you receive from the lender.

If you are unable to make the required payments as demanded by the lender, the foreclosure notice will come into effect, where your lender will have the right to sell the house in order to recover what you owe. If a new buyer is not found, your lender may end up with the title to your home. Regardless of what transpires, the buyer or lender will then initiate proceedings to evict you from the house – at least if you have not yet moved out.

If it reaches a point where you are no longer fighting to stop foreclosure Lakewood and instead you are trying to stop an eviction, your options will hinge on whether the sale has already taken place or not.

Before a foreclosure sale, you have quite a number of options to use to stop an eviction as well as stop foreclosure altogether. The most important thing to do is communicate with your lender and discuss how much you can afford to pay, at least until you get back on your feet. In most cases, you will end up working on a deal that could see you not only stop the foreclosure, but also keep the house.

Since this is a situation that definitely needs an attorney, be sure to ask them about the government-backed options you can use to stop foreclosure Lakewood. Another option would be to file for bankruptcy, a process that will prevent your lender from proceeding with the foreclosure process, however, this will not last forever. Once the bankruptcy period expires, your lender will be back to where they left and if you will not have made your mortgage current, they will still be able to proceed with the foreclosure process and eventually evict you from the house.

Alternatively, the best way to stop foreclosure is simply to sell the house before your lender comes for it. This way, you can use the money to clear the bill and move on, thus avoiding the black mark of foreclosure on your credit report.