Can I stop a foreclosure once it starts?

Foreclosure is a terrifying situation for homeowners who are struggling to make their mortgage payments. And once it begins, stopping foreclosure might seem like an impossible task. However, there are options available to homeowners to delay or even terminate the process entirely.

The most direct way to avoid foreclosure is to cure the default by paying the past due payments all at once. You have up until 5 business days prior to the foreclosure sale to do so. You also have the right to file for bankruptcy protection to stop a foreclosure and work out a short term repayment plan under Chapter 13 of the Bankruptcy Code. Obviously, these options require a significant amount of money to be repaid, either immediately or over a very short period.

In reality, the vast majority of homeowners who are facing foreclosure simply cannot afford to repay the lender the amounts due. For this reason, selling the home may be most financially advantageous way to permanently avoid a foreclosure. By selling the home, you are able to pay the full balance of the mortgage which stops further credit damage and allows you to start rebuilding your financial situation to be ready to buy another home.

Open communication with your lender is key to successfully avoiding a foreclosure on your home. However, you also need the advice and counsel of an Attorney/Realtor to navigate this critical stage of the foreclosure.

At Lawyers Realty Group, we specialize in helping homeowners communicate effectively with their lenders and negotiating the most financially advantageous solution to their mortgage problems. If you are facing default or foreclosure, contact an Attorney/Realtor today at (949) 264-0966 to obtain a FREE legal analysis of ALL your options and secure the best possible financial outcome.

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Can I Stop a Foreclosure Once it Starts?

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