Real Estate Investing Forums

Real Estate Investing => Foreclosures, Short Sales, Tax Foreclosures => Topic started by: dannyspastics on February 17, 2016, 04:48:42 am

Title: Way to Stop Foreclosure on Your House ?
Post by: dannyspastics on February 17, 2016, 04:48:42 am
I want to know about your opinions. What are the other ways to stop Foreclosure on Your House instead of selling it?
Title: Re: Way to Stop Foreclosure on Your House ?
Post by: Bill H on February 17, 2016, 10:18:55 am
Pay the arreagees is one.
Title: Re: Way to Stop Foreclosure on Your House ?
Post by: javipa on February 17, 2016, 06:20:42 pm
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Title: Re: Way to Stop Foreclosure on Your House ?
Post by: Gold River on February 18, 2016, 12:07:19 am
Hi,

    Actually a modification can stop foreclosure as usually the payments in arrears are wrapped to the back of the loan and interest rate / principle owed can be greatly reduced. Just had friends who were 40 days post notice on their house have there foreclosure suspended and ultimately modified there 5 month in arrears loan!


            GR
Title: Re: Way to Stop Foreclosure on Your House ?
Post by: homesteadroad on October 22, 2016, 12:22:15 am
1) Contact a real estate lawyer

2) Enhance your house’s looks

3) Find an experienced real estate agent

4) Use all the marketing tools

5) Contact the quick buyers

6) Conduct an open house
Title: Re: Way to Stop Foreclosure on Your House ?
Post by: jaydubb on November 09, 2016, 11:08:53 am
File Bankruptcy
Title: Re: Way to Stop Foreclosure on Your House ?
Post by: Bill H on November 11, 2016, 10:37:59 pm
If the property has little or no equity filing bankruptcy will not help as the lender will immediately file for relief of stay.
Title: Re: Way to Stop Foreclosure on Your House ?
Post by: earlvandorn on December 30, 2016, 10:25:06 am
A husband and wife can file serial bankruptcies, with a filing one day before the sale. It takes a couple of weeks to get the stay lifted, so they can get 90 days. Pretty unethical. But a single bankruptcy is actually designed to give the debtor "breathing room" in order to make new living arrangements.

People get too attached to under water houses. I know a guy who managed to live in a house for free for three years. At the end of three years he was still taking about wanting to "save" his house, on which he was under water to the tune of $40,000.

In the end, the only way to stop a foreclosure is to pay the debt. If you can't pay the debt the house is going to be sold.
Title: Re: Way to Stop Foreclosure on Your House ?
Post by: SolutionHomBuyers on January 11, 2017, 07:54:35 pm
1) Reinstate - pay the loan yourself or get money from someone else.
2) Loan Modification - can add back payments to loan balance.  Can also modify interest rate or the term of the loan. Can be temporary or permanent.
3) Refi - difficult since their already in default.
4) Sell the property
5) Get friends and family to help
6) Bankruptcy - this is only temporary to buy some time.
7) Forbearance Plan with Lender - work out a payment plan 3, 6, 12 month.  However, if the borrower can't afford the original payment, the they most likely can't afford the extra monthly payment.
Title: Re: Way to Stop Foreclosure on Your House ?
Post by: marksmith on February 08, 2017, 12:29:19 pm
1) Contact a real estate lawyer

2) Enhance your house’s looks

3) Find an experienced real estate agent

4) Use all the marketing tools

5) Contact the quick buyers

6) Conduct an open house

Hi,
Great information. Thanks for sharing it.
Title: Re: Way to Stop Foreclosure on Your House ?
Post by: andise84 on February 14, 2017, 09:15:55 pm
just simply declare bankruptcy they will honor that.
Title: Re: Way to Stop Foreclosure on Your House ?
Post by: caroline on March 21, 2017, 01:54:52 am
Hi,
Here are some ways to stop foreclosure:-
Contact with a lender and know your deadlines
Consider your alternatives
Refinance a loan
Short sale
Loan modification
Deed in lieu of foreclosure
Thanks!!
Title: Re: Way to Stop Foreclosure on Your House ?
Post by: heartlandbuyshouses on April 05, 2017, 12:42:48 am
If you’ve fallen behind on your mortgage payments and a foreclosure sale is looming, you may still be able to save your home by:

1. File for Bankruptcy- it buys you more time to replace your lost job or recover financially from a temporary disability.

2. Apply for a Loan Modification- by applying for a loan modification, the lender may be restricted from dual tracking.

3. File a Lawsuit- if your lender is using a nonjudicial process to foreclose.