The best thing to do when trying to prevent a foreclosure is to act before your lender files a Notice of Default, at this point you options are limited. That is why it is better for you to call your lender before falling behind on your payments, because lenders are often reluctant to work out repayment schedules after foreclosure proceedings have been commenced.

Though, in some ocassions we have had a bank stop the sale, it is not common after the houses has been been put up for sale or auction.

You will be given a certain time period to bring the payments current, pay the costs of filing the foreclosure and stop the foreclosure. This is called reinstatement of your loan. If you cannot make up the missed payments and the lender will not work with you, here are a few other options to stop foreclosure:

• Sell Your Home.
  Interview real estate agents to get an opinion of market value and average DOM to sell your home. You might be tempted to hire a discount broker, but many sellers feel they need the exposure and marketing that full-service brokers offer. Compare both to determine which best meets your needs and time frame. Many banks will not talk directly with the homeowner, so with WeBuyHousesin1Week.com we will negotiate with the bank for you.
• Consider a Short Sale.
  If your home is worth less than the amount you owe, you might be a candidate for a short sale. A short sale affects credit but it's not as bad as a foreclosure. You or your agent will need to negotiate with your lender to find out if the lender will cooperate on a short sale. This is called a pre-foreclosure redeemed. We also have many buyers already lined up that may be able to buy your house fast and stop the foreclosure.
• Sign a Deed-in-Lieu of Foreclosure
  This is called deeding the home back to the lender. The homeowner gives the lender a properly prepared and notarized deed, and the lender forgives the mortgage, effectively canceling the foreclosure action. Deeds-in-lieu of foreclosure affect credit the same as a foreclosure.

The lender might also work an arrangement where a home owner can remain in the home until finding a place to move into. Owners in default should negotiate the right to retain occupancy, arguing that if the lender followed through on the foreclosure, an owner would still enjoy the right of possession during that procedure.

The bottom line is a foreclosure is not going to go away unless you have someone working on your side communication with the bank. Contact us today so you know all your options.

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