Stop My Foreclosure Lakewood

Stop My Foreclosure LakewoodThere are quite a good number of ways you can use to approach the issue of “how to stop my foreclosure in Lakewood” and emerge victorious. However, knowing when and how to use these approaches is key to stopping any foreclosure.

No one wants to be bothered by the thought of how can I stop my foreclosure Lakewood, but this question does come at some point in life, especially those periods when you are going through hell. However, in order to stop foreclosure, you need to be equipped with a significant amount of information about the whole process. After all, knowledge is power and we live in an information-driven world.

Can I stop my foreclosure Lakewood once the sale has been scheduled?

The first thing you need to know when trying to stop foreclosure is whether it’s possible to actually stop the process or it’s another waste of precious time. The foreclosure process can be stopped before, during and even after the sale, but the process gets harder or rather the options become fewer towards the end of the foreclosure process.

It’s possible to stop foreclosure right up until the stage where the house is auctioned. Assuming your foreclosure sale will be taking place two or three days from now, you still have a chance to stop the foreclosure process and even keep your house. Keep in mind that during a foreclosure, the only thing your lender is after is the money that you owe them. So, even if they have already scheduled the foreclosure sale and somehow you are able to come up with the money you owe them, they have no choice but to stop the process altogether.

One of the surest tactics you can employ to stop a foreclosure is filing for bankruptcy. The problem with this channel is that it’s not something that will happen instantly and as such, it might not be the best option to turn to if the foreclosure sale is just a few days away. Before you can be granted your request, it could be days or even weeks, which means it won’t be enough to save you from foreclosure. But if you happen to file for bankruptcy on time, it’s the best way to stop foreclosure right in its tracks.

Since a bankruptcy process involves the court, it is through this same court that all of your lenders will be prohibited from pursuing any collection activities, including foreclosure. However, the problem with filing for bankruptcy is that it only puts the foreclosure process on a temporary hold, meaning the lender will be waiting for it to end before they once again try to foreclose the house. A lender can also opt to petition the bankruptcy and seek the court’s okay to proceed with the foreclosure.

How to I save my house from foreclosure?

If the bank has already sent you a notice of default for missing several months of mortgage payments, it’s the time to start asking yourself the questions of how can I stop my foreclosure or what can I do to avoid foreclosure and keep the house?

One sure way of keeping your house in the event of a foreclosure is to ask your lender for a loan modification. Some lenders can agree to make some amends to the original terms of the agreement in order to accommodate your current hardships. A modification can lower monthly installments for a certain period or even completely remove them for an agreed period – whichever makes it easier for you to get current with your mortgage.

After filing for a loan modification, the foreclosure process will be halted until after your lender approves or declines the amendment. If your lender did not follow the required channel, you can also proceed with a lawsuit to stop the foreclosure process. As you may have noticed, there is a lot to do with the legal side of things and as such, make sure you are going through this process with an attorney by your side.

If you don’t have the time and money to go through all these, another surefire option for those seeking answers to “how can I stop my foreclosure Lakewood” is to sell the house to a cash buyer. Here, you will get quick cash and pay off the remaining mortgage and thus stop foreclosure, but note that you will lose your house in the process, which isn’t any different because your lender would still have sold it to get back the money you owe them. So, if anything, you are doing them a huge favor by finding a buyer by yourself.

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