Options a Homeowner has to Avoid Foreclosure

Few homeowners know that there are opportunities to avoid foreclosure from occurring. This is true even when payments are past due and a default on the mortgage has already occurred. However, one must act quickly and efficiently with regard to exercising these options. Contacting a foreclosure attorney at the beginning of the crisis is crucial. We’ll walk through the following three options a homeowner has to avoid foreclosure:

  • Working With The Lender Is The Best Way To Avoid Foreclosure
  • Qualify For A Government Sponsored Foreclosure Assistance Program
  • Walk Away From The Home Rather Than Negotiate

Related – Five Most Common Mortgage Foreclosure Defenses

 

Working With The Lender Is The Best Way To Avoid Foreclosure

It is in the best interest of the homeowner to make the affirmative decision to work with the lender. Oftentimes the lender may agree to accept reduced payments or work out some other alternative solution. Most lenders prefer to keep their security interests/mortgages in good standing rather than expend the tremendous time and resources it takes to foreclose on a home.

 

Qualify For A Government Sponsored Foreclosure Assistance Program

Government sponsored foreclosure assistance programs have been put in place to assist homeowners in reducing the payment due, facilitating re-financing plans with the lender and slowing down the foreclosure process altogether. The availability of these programs varies from state to state.

 

Walk Away From The Home Rather Than Negotiate

Sometimes the homeowner prefers to walk away from the home instead of negotiating the terms of repayment. This may include negotiating a short sale or a deed in lieu of foreclosure with the lender.

  • A short sale occurs in a sale of real property where the net proceeds from the sale fall short of the debts secured by liens against the property. The purchaser could be the bank or could be any other individual or company interested in purchasing the home.
  • A deed in lieu of foreclosure is a deed instrument in which the homeowner conveys all interest in a real property to the lender to satisfy a loan that is in default and avoid foreclosure proceedings. Individuals with higher credit scores and those who prefer to keep their credit intact may prefer this option.

 

Fight Foreclosure with The Ticktin Law Group

If you are interested in learning more about your foreclosure options, contact the attorneys of The Ticktin Law Group. Our firm offers complimentary consultations to go over the facts of your case.

The Ticktin Law Group was the firm that unearthed the fraudulent activity of the banks during the mortgage foreclosure crisis. We helped clients across the country fight the banks and stay in their homes. We only represent homeowners and occupants, and never the banks. Call (561) 232-2222 or complete the contact form here to schedule a complimentary consultation.


Editor’s note: updated on October 18, 2018

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