Ways to stop your Metro East Illinois home foreclosure
Edwardsville Illinois – If you have a mortgaged house and you default on a single payment, you will start your journey on the foreclosure road. Don’t be surprised to find yourself on the
streets if you are unable to pay your mortgage bills.
This is the worst case scenario. You can’t be thrown out on the streets that easily. If you do default and find yourself on the path to foreclosure, try these few ways to stop home foreclosure.
1. Talk with your lender – Forbearance
When a lender files a Notice of Default and foreclosure proceedings have started, you have limited options. The first way to avoid or stop a foreclosure is to talk to your lender that you might not be able to make a scheduled repayment and to reconsider your position. Most often lenders are reluctant but do find ways around a no-payment period. Lenders sometimes do agree to give extra time to make the scheduled payment on your mortgage before taking any legal action. This is known as forbearance. This is the easiest way to stop foreclosure.
2. Sell your home
If the first option doesn’t work out, then you should consider talking to real estate agents to get a market value of your home and sell it. Determine which real estate company you want to work based on your needs and time frame as different companies have different marketing exposures.
3. Short sale your home
You should choose this option if the market value is less than the amount you owe. A drawback of short sale has a bad affect on your credit, but it is better than a foreclosure. For a short sale to commence, the lender should also cooperate. This method is known as pre-foreclosure redeemed.
4. Refinance foreclosure loans
Try to find a lender that will be willing to provide you foreclosure refinance loans. If you have a certain amount of equity and income, you may qualify for refinance loans as the interest rate on loans is usually over 10%.
5. Sign a Deed-in-Lieu of Foreclosure
This method is known as to transfer the ownership rights of your home back to the lender. The lender receives a proper notarized deed which forces the lender to forgive the mortgage cancelling the foreclosure. Although it might be difficult to qualify for a loan, it is still a good option to start with a new note and repayment conditions.
To stop the process of foreclosure altogether, file for bankruptcy. This is an expensive option as it includes trustee fees, attorney fees, court costs and high periodic payments. You should consider this option if you are really desperate and want to prevent foreclosure.
The list presented above regarding ways to stop home foreclosure is for the most commonly applied methods. They have been successfully used by homeowners to save their homes from foreclosure. Although there is no magical way to end the process of foreclosure, there are ways that homeowners such as you can utilize to help you get out of a bad situation.
ValuQuest Invest specializes in real estate investments and solutions for difficult real estate situations such as oreclosure, metro east illinois, bankruptcy, short sale, edwardsville. We buy homes, pay fast cash, sell your home fast, Edwardsville, Glen Carbon, Maryville, Granite City, Collinsville, Troy, Belleville, Shiloh, O’fallon Illinois, entire St. Louis metro east