Stop My Foreclosure Commerce City: Last Minute Strategies
We are often faced with questions like how can I stop my foreclosure Commerce City or what options do I have to stop foreclosure when the lender is almost ready to proceed with the process.
Falling behind on a mortgage is not a crime at all. Shit happens and suddenly you find yourself in a situation where you can no longer afford to pay the monthly installments as agreed. You may lose your job or maybe there is an unexpected illness in the family. There are also cases where people might lose control of their finances and find themselves late by a month or two.
Well, if you have not made payments for the past one or two months and your lender hasn’t mentioned a thing yet, be fooled into doing nothing because foreclosure may be on the horizon. If you know that your chances of bringing the mortgage up to date are minimal, don’t lose hope and think that all is gone, because there are different channels you can follow – channels that should be perfect answers to the question “what options do I have to stop my foreclosure Commerce City even after the lender serves the notice?”
The reason you are probably not paying back your mortgage may be that the monthly installments have become too much for you or you simply can’t afford to pay them. For whatever reason that makes either of these cases possible, you can talk to your lender and ask for a loan modification. When you took the loan, you agreed to pay it back under certain terms and since you are unable to meet these terms and keep paying, your lender might be willing to renegotiate new terms of payment – terms that will suit your current financial status.
Depending on your individual case, the lender might decide to reduce the interest rate and subsequently prolong the terms of payment or suspend the payments for a certain period until you get your balance and resume payment.
File a lawsuit
In certain cases, lenders never follow the law when it comes to pursuing foreclosure. So, whenever you are tasked with stopping foreclosure, it is a good idea to seek the expertise of a good attorney. With such a person by your side, you can easily identify the loopholes in the foreclosure process and subsequently file a lawsuit. This will help delay or even stop the process completely.
File for bankruptcy
One way that you can use to stop foreclosure Commerce City is to file a bankruptcy claim. When you file for bankruptcy, you will be granted an automatic stay that will help stop the foreclosure process immediately. The stay will put on hold any collection activities that had been planned by your lender, thus saving you from losing your home to foreclosure.
Under bankruptcy laws, the person filing bankruptcy is protected by law from any collection activities by their creditors. However, the mortgage company is still in a position to file a court case that will see the stay lifted, thus allowing them to proceed with the foreclosure process. If they are denied, the stay will delay the foreclosure process for some months – a period that should be enough for you to get back on track with your payments or find a new job, if this was the reason for failing to make the payments.
One problem with filing for bankruptcy is that it may not be an effective way if the foreclosure is just a few days away. It takes time for a bankruptcy to be approved by a court of law and since time is a factor, you may still lose your house while chasing around attorneys. Also, once you file for bankruptcy, you will leave a black mark on your credit report, something that might not work out well for you if you ever need another loan or mortgage in future.
Sell to cash buyers
At Denver Property Flip, we specialize in buying houses that are in foreclosure and pay the cash after just 5 days. So, if you have been thinking “how can I stop my foreclosure Commerce City with close to no perfect answers”, well, there you have it. Call us now on (720) 370-9595 and we’ll make you a cash offer within 24 hours.