Many homeowners are finding themselves staring down the barrel of mortgage default and a looming foreclosure sale. There are a lot of homeowners who think that all hope is lost and that their is nothing that they can do. They feel hopeless. The thoughts of uncertainty are too much for many to deal with.
I have good news for these homeowners stuck amidst the cloud of uncertainty and fear. There is hope for a brighter tomorrow. Homeowners are able to stop foreclosure. There are literally dozens upon dozens of foreclosure solutions available for homeowners who find themselves amidst a financial hardship.
Below I have created a list of some of the most common methods homeowners use to stop foreclosure. Under each label is a brief description as well as links to resources offering further research.
Hang in there. You can stop foreclosure.
How Homeowners Stop Foreclosure
Loan Modification has become increasingly popular. This debt help solution allows homeowners to lower their monthly mortgage payment.
Mortgage refinancing will stop foreclosure but has become increasingly difficult but if a mortgage refinance is obtainable it is one of the more favorable mortgage workouts available to Homeowners.
Short Sale is quite common in the world of foreclosure but the homeowner will always lose their home in this situation.
Hard Money Loan
Hard Money Loans are very lucrative for investors if equity has accumulated in the property.
Loan Audits performed by lawyers in effort to find grounds to legally challenge the lender is a new trend. Many have found success, as the lender will often opt for loan modification at the threat of a lawsuit.
Bankruptcy will stop the foreclosure proceedings but generally the Homeowner will eventually lose the home down the road.
The lender often grants a forbearance agreement or a repayment plan to the Homeowner in efforts to retain home ownership.
Selling the home on the open market is a way to stop foreclosure but it is generally a better idea to postpone the sale to relieve the discounting pressure on the sales price of a home when in foreclosure.
These mortgage solutions that allow Homeowners to stop foreclosure are just some of the many mortgage workout options that are available to Homeowners who need to stop foreclosure and save their home.