Many borrowers don’t know that they can stop a foreclosure notice. Once they get an NTS, they believe that nothing can be done about it, but for them to be evicted and their home sold. Some even look for a way to be out of the house, before the foreclosure date, they don’t know they can turn it around.
They either stop it altogether or postpone it, with our experienced foreclosure attorney we can help you to either postpone or stop foreclosure altogether, depending on the one that is best for your situation.
The following are alternatives to foreclosure:
Ask for a postponement
You can call your lender and request for the postponement of your foreclosure sales date, and make sure you keep in touch so that you can be updated about any changes in your foreclosure case. Foreclosures cost your lenders money, and many companies will only resort to it as a last option. Contacting them for the postings of the sale date, with cogent reasons will help them to reevaluate your case and set a new date, with the hope of you will be able to pay off your outstanding debts before the new sales date. Some lenders might give you cold shoulder, but the majority of them will be willing to work with you on a new date.
Filing for chapter 7 and chapter 13 bankruptcy can help you discharge your debts. This will give you enough time to work out alternatives before the foreclosure process continue.
Immediately you filed for bankruptcy all foreclosure process will cease automatically. Chapter 7 bankruptcy tries to get rid of the debts by selling your unsecured assets while chapter 13 seeks for ways to pay back the debts on a flexible repayment plan.
If you think you have been mistreated or you can record any wrongdoing against your lender, then you can sue them.
Once you file a lawsuit against your lender, you may be granted a preliminary injunction by the judge. It will stop the foreclosure process while the lawsuit is still on.
Your failure to win the case will lead to the continuation of the foreclosure process.
If the amount owed, is more than the current market value of your property, then a short sale may be an option.
In a short sale, the borrower gives all ownership right of the property to the lender to takes possession of the property, while in exchange the lender forgot about the debts owed on the property. All this is subject to the agreement of the lender.
The borrower must be able to prove to the lender that they are unable to pay any additional loan on the property.
During the process of the short sale, the foreclosure process will be postponed.
Call to get a detailed explanation to stop foreclosure.
An experienced Los Angeles foreclosure attorney can help determine the best option for your situation.