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If you have missed more than three mortgage payments, or your lender has filed a Notice of Default (NOD), you might think the loss of your home is inevitable. Even at this stage, there are strategies you can use to stop the foreclosure process.

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Foreclosure Workout: Up until the time your home is scheduled for auction, most lenders would rather work out a compromise that would allow you to get back on track with your mortgage than take your home in a foreclosure.

FORECLOSURE

SHORT SALE

After your lender files an NOD but before they schedule an auction, if you get an offer from a buyer, you lender must consider it. If they foreclose on your home, the lender is going to simply turn around and try to resell it; if you present them with a reasonable short sale offer, they may see it as saving them the time, effort and trouble of finding a qualified buyer in a soft market.

 

So, even if   your lender initiates the foreclosure process we can still buy it. 

BANKRUPTCY

Bankruptcy stops foreclosure dead in its tracks. Once you file a bankruptcy petition, federal law prohibits any debt collectors, including your mortgage lender, from continuing collection activities.

 

The law requires your mortgage company and other creditors to work in good faith with you to formulate a reasonable repayment plan or allow selling opportunities so you can get back on track. 

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