Sign a Deed instead of Foreclosure.
To prevent Foreclosure, a mortgage company may accept a deed instead of foreclosure, in which you voluntarily surrender ownership of your home to your lender in exchange for being released from your mortgage obligation. You will be able to avoid a formal foreclosure procedure due to this.
Foreclosure Frequently Asked Questions
When is it too late to intervene in a foreclosure?
If you are several months late on your payments and make no effort to bring the account current, your lender will initiate foreclosure proceedings, and a sale will be set. How this process proceeds, and the point at which you will have permanently lost your home, is determined by the laws of your state. However, here are some general expectations.
Your home will be auctioned off at the foreclosure sale, and the lender will utilize the money to recoup as much of their losses as possible. In states without a redemption period, you can normally halt the foreclosure process until the date of the foreclosure auction, though the specific timing varies by state.
Is it possible to avoid Foreclosure by paying the past-due amount?
If your state offers a redemption period, you’ll have a specified amount of time following the sale to buy your property back or pay off the mortgage and stay in your home.
The housing authority in your state will have further information on the specific laws in your state.
What can a foreclosure defense lawyer do for you?
Suppose your mortgage lender files a foreclosure case against you. In that case, a foreclosure law company can assist you in analyzing your debt and making an informed decision in the complex landscape of foreclosure law.
You have choices. A foreclosure lawyer can help you reinstate your mortgage or file for bankruptcy if it’s too late.
Bottom Line: The Best Defense Is Preventing Foreclosure.
Though it may be tempting to ignore it, the sooner you move to prevent or stop Foreclosure, the better off you will be.
