Is It Possible To Stop A Foreclosure?

Is It Possible To Stop A Foreclosure

Since the financial crisis in 2008, there have been many new steps put in place to protect homeowners landing up in a foreclosure situation. This has in turn laid the groundwork for a better transition during COVID-19, which threatens homeowners as well. Most government agencies, loan services, and lenders have coordinated efforts to ensure that there isn’t a repeat. 

But this being said, foreclosures still happen. After all, unplanned disasters happen all the time, and the economic impact can have a knock-on effect that can leave you financially crippled and unable to pay your mortgage, resulting in the foreclosure of your home.

Before we explore the best ways to prevent foreclosure on your home, we need to define what a foreclosure is.

What is foreclosure?

New homeowners reach out to lenders and banks for financial aid to purchase their dream homes. After all, it’s rare that anyone will have the full cash amount to buy a home outright. 

This is where the financial backer steps in. They loan you the lump sum of cash to purchase the property, but you are legally required to make a repayment each month to them, otherwise known as a mortgage. There are a number of terms that need to be met before they will give you the loan, like credit ratings, etc, but if they approve it you need to make that payment on a monthly basis. 

In the case you decide to withhold funds, the lender and banks take the property as collateral, which means they take back possession of the home. 

Missing a mortgage payment is the main reason why financial institutions threaten foreclosure. As we’ve discussed, disasters can happen and missed mortgage payments happen. And most times, these institutions will prefer to give you more time to make the repayment.

You want to stay in the property and the bank wants you to keep paying your mortgage to them. Foreclosure processes are lengthy and can end with the lender selling the property at a loss. Going through a foreclosure is not an outcome anyone wants. 

However, if it’s come to the point where the bank has filed for foreclosure on your property, you may think that’s it. But that’s not the case, you have a few options at your disposal of ways to stop it. 

But let’s review the steps that a homeowner will have to go through to be served with an actual foreclosure. 

Steps to foreclosure

As we’ve stated, for the banks and lenders to get to foreclosure takes time. If you are wondering how to stop a foreclosure sale, the best way is to nip it in the bud as soon as you’re involved with any of these steps. 

Step one: missed payments

This is around the initial stage. Mostly one missed payment is just a mistake on your part and you can easily correct it. But if you do miss a second payment expect the bank to make contact with you. 

In federal mortgage servicing rules, the bank must try to reach you on the phone for 36 days, and 45 days via mail, to try and explain that you owe the lender money. 

If, after this stage, they’ve not reached you, you will receive a letter outlining the fact you have missed payments in a manner formulated by the Department of Housing and Urban Development (HUD) with the foreclosure timeline. 

This letter will also inform you how much you owe and the federal rules relating to foreclosure. Lenders must wait until after 120 days of missed payments to begin any foreclosure action. 

Step two: legal filing or notice of default

At this stage, you are still in possession of your home. But the documents have been filed to start all the processes. 

Foreclosures can follow two different directions depending on your state. 

Judicial foreclosure is where the lender has to prove in court that they have the right to foreclose on your property. They file a lawsuit against the homeowner and they are given time to raise a defense. 

This can take from 30 days to several years to complete. 

Nonjudicial foreclosure is where the lender is allowed to start the process outside of court. This route depends on what state you’re in and your mortgage agreement. Filing for this simply requires a notification that they’re reclaiming the property. 

They will need to mail a copy of this notification or notice to the county, and they must include what the homeowner can do to rectify this default, as well as how long you have to do so. 

Step three: notice of sale

You will most likely be months or years down the road at this stage. And depending on the foreclosure, and how it was filed, you have two different timings for when the bank is going to sell your property. 

With judicial foreclosure, the court has sided with the lender and will draft a notice of sale and will file this at the county. This will outline where the auction of sale will take place and the date.

With nonjudicial foreclosure, if the default has not been addressed, the lender has the right to hold an auction for the property. Generally, there will be a 14 day period between notification and auction.  

From here you’ll be evicted and removed from the property so the sale process can begin. But what if you’re still determined to fight and want to stop the foreclosure now! 

How to stop foreclosures

It’s always best to investigate methods of how to avoid foreclosures, as mentioned, these include: 

  • Locating a lump sum of cash to make up the missing payment 
  • Negotiating a short refinance with your lender, asking to be forgiven for missed debts
  • And in a sudden emergency where you’re be left penniless, you can ask the lender to grant you a period of forbearance (during this time you’ll be required to make small payments)

But if you’re too far gone, you can select one of the following methods to stop the foreclosure quickly. 

File for bankruptcy 

This is one of the ways to stop foreclosure immediately. If the sale of your property is occurring in the next day or so, the best way to stop the foreclosure sale is to file for bankruptcy. 

When you file for bankruptcy you put into place with an immediate effect something called an “automatic stay”. This functions as a method of prohibiting the bank from foreclosing on your home. Also, it stops them from trying to recoup their debts. 

Filing for bankruptcy means all activity related to the foreclosure is halted. But after you file you can expect the bank to file for a motion for relief from the stay. This means they are trying to overturn this bankruptcy to reclaim their lost funds. 

Even if they are successful in overturning this filing with the court, you will still have at least a month or two to make a plan. 

There are two different chapters for bankruptcy. 

Chapter 13 Bankruptcy can help you retain possession of your home. This is done by restructuring the homeowner’s debts. you will need to repay your debts in part or in full over a period of three to five years. 

You will remain in your home with this type of bankruptcy because you’re now back on course repaying the lender. You may be repaying a fraction of the unsecured debts as well with this plan, however, you will be blacklisted and unable to free up any other money for another mortgage. If you default on this, you’re well sunk. 

Chapter 7 Bankruptcy isn’t usually a good way to save a home unless you’ve secured a modified loan. This will delay the foreclosure. With this, you can start saving for a new rental. Also, you can work with the lenders to minimize damage or avoid foreclosure. And even if the foreclosure goes through you can eliminate personal liability. 

If you’re looking at the aforementioned and are thinking, “How to get a house out of foreclosure?”

You can always file a lawsuit. 

File a lawsuit

If your lender is rushing through procedures via a nonjudicial process to foreclose, you will need to compete against them in the courtroom. If the lender is using the judicial process, unfortunately, it’s too late for you to file. 

When filing a lawsuit you will need to prove the following to win: 

  • The bank can’t prove the notifications were sent to you
  • They haven’t complied with state laws
  • The bank has violated state laws
  • They haven’t followed all the required steps
  • Or they have made a major error.

The primary downside of taking a legal route is that it is costly and if you lose, the bank will proceed with a new determination to reclaim their money. 

At this stage, you should not be asking how to get my house out of foreclosure, or how to stop a foreclosure sale, but making plans to address the debts. 

Or calling up the bank to possibly renegotiate your standing. You could sell your home for cash and pay them the outstanding amount, but who would buy your property now? An iBuyer cash service, that’s who. 

But there are loads at the moment, which one should you choose? House Buyer of America! Here’s why!

Why trust House Buyers of America to buy your home? 

Since 2001, House Buyers of America has bought and sold homes in Maryland, Virginia, and Washington, DC. During this time we’ve innovated the real estate game, as well as impressed thousands of customers. 

It’s this longevity and success that sets us apart. 

And if you don’t trust us, you can trust our hundreds of references. 

Not many companies in our industry are as well respected as House Buyers of America. 

Currently, we have over 100 reviews with 5 stars, with testimonies from a select few! Most of these reviews highlight that House Buyers of America will: 

  • Sell houses fast
  • Pay cash for homes
  • Treat you with the utmost respect

House Buyers of America has also earned an A+ rating with the Better Business Bureau (BBB), which is an organization that helps United States, Canadian, and Mexican consumers find businesses they can trust. 

But it’s our positive rating on Facebook and Google we’re most proud of, with hundreds of positive reviews. 

When you’re selling your home you want to be 100% sure that you can trust the company you’ve contracted to help you. And nothing will put your mind at ease more than reading our clients’ reviews of our services. 

And because our clients have spoken about us with such fondness, we’ve been asked to contribute thought leader comments to various publications. 

Submitting our professional opinion to America’s most trusted media outlets, like: 

  • USA Today
  • The Wall Street Journal  
  • CBS News
  • ABC
  • NBC
  • And Fox

But how does House Buyers of America work? 

How House Buyers of America works

We’ve ensured that every step is simple, quick, and efficient. That’s why our first step is you approaching us. 

Simply give us a call at 855-659-3289 or use our online form to get started!

Within 10 minutes, if the call is made during office hours, we will have a fair cash offer for your property. 

Once we’ve gathered your information, we will arrange a time for us to come by the house to finalize that important paperwork. 

And once you’ve signed on the dotted line, the money will be in your bank account in a matter of days. 

It’s never been easier to sell your house fast. 


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