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Stopping Foreclosure Now

foreclosure The most common reason to lose a home in foreclosure is a lack of payment on the debt owed on the home or missed tax payments. To learn how to stop foreclosure in your situation, contact Gertler Law Group LLC immediately.

How to Stop Foreclosure Immediately

Foreclosures can occur quickly but often progress through a series of legal steps. Throughout this time, the homeowner has the ability to catch up all of his or her delinquent payments plus fees and expenses to get out of foreclosure. However, this becomes very difficult for most individuals because of the high cost. One way to stop foreclosure immediately is to file bankruptcy.

Bankruptcy halts the foreclosure process temporarily, but for several months. This is called an automatic stay. During the time that you are in bankruptcy – which means having filed for bankruptcy through the court system, the lender cannot move forward with the foreclosure legal process.

Programs to Help Stop Foreclosure

The United States Department of Housing and Urban Development (HUD) provides resources to help individuals to avoid the foreclosure process. State programs and even some city programs may be available as well.

One option is to use the Making Home Affordable Program. It aims to help individuals to avoid foreclosure by lowering their monthly mortgage payments and, potentially, to get into a more stable, low, fixed-rate loan. This program is not always available, however, for those who need some help getting a more affordable loan, this option may be beneficial. However, it does take time.

Refinancing Your Home Loan

Some individuals can stop foreclosure proceedings by refinancing their existing loan with a new lender. The new, refinanced loan, will “pay off” the current loan and establish a new one. For this to be beneficial, the homeowner must be able to make monthly mortgage payments. Again, this process can take time.

For those who have an underwater mortgage, one in which the amount owed on the mortgage is higher than the amount the home would be appraised for at current mortgage rates, the options are limited. The Home Affordable Refinance Program and Principal Reduction Alternative are two options that may help through the government. This process can take time – which means homeowners facing foreclosure need to act quickly.

How to Save Your Home from Foreclosure – What to Do Now

If you have received documentation from your lender about the foreclosure process, call your attorney now. The only way to protect your home immediately is to take legal action unless you have the financial means to pay for all owed debts plus any accumulated fees. Keep in mind that, in some cases, the foreclosure process can take as little as 30 days. This does not provide you with much time to get help to stop foreclosure.

If you qualify to file Chapter 7 bankruptcy or Chapter 13 bankruptcy, this may be the best opportunity to pause the foreclosure process for an extended period. In bankruptcy, you would still need to find a “solution” for the mortgage debt. This may include:

  • Selling the home at the current market value, which may be beneficial to those with little equity or a home with a debt at market value
  • Refinancing the home’s loan with a new lender, potentially with a lower monthly payment
  • Utilize Chapter 13’s reorganization in which the lender may work with the bankruptcy trustee to modify the loan to make it more affordable to you

Other options may be available to you. However, to stop foreclosure, you need to get support right away.

Learn How to Stop Foreclosure Sale from Taking Your Home

Gertler Law Group LLC has the attorneys and experienced professionals available to discuss your needs and to provide you with advice on what options are available to you. Contact us today for a consultation of your legal options.