Do you see a foreclosure on the horizon? Here are 5 ways to stop foreclosure before it starts. Foreclosure is a major crisis for most families in Utah. We can help. You have options to help keep you and your family from losing your home. You can get out of debt without losing everything!
Sell Your Home
There is usually nothing to stop you from selling your home outright before the foreclosure process can begin. If you sell the house and are able to get enough from the sale to pay off the mortgage then you will be clear from your debt. However, you will have to start looking for a new place to live. If this isn’t for you, there are more options.
Try and work out a loan modification with the lender.. This is one of the most common way people avoid a foreclosure. Most banks and mortgage lenders would rather get their money from you instead of going through the hassle and expense of selling your house in order to get it. The lender wants money not your property.
Refinance Your Loan
Try and refinance your loan. This means if the lender believes you will pay them and not neglect your obligations, they may consider it. Just know you must have a steady income and equity on your home to qualify. Also if you are delinquent and have may regular payments for some time this will be a hard sell to the lender.
Sell Your House to a Friend
You might want to consider selling your home to a family member or friend. Then, when you are able to take over your payments again you can buy the property back. Beware this is risky depending on who you choose to deal with.
File for Bankruptcy
You might want to consider filing for bankruptcy. I know for most people this is not their first choice nor should it be but it will work to save your home in most cases. A Chapter 13 bankruptcy is a good way to save your home from foreclosure and help you get back on track making the payments. On the other hand if your house has already been foreclosed you might want to consider filing Chapter 7 bankruptcy.
Better Call Doug @ 801-221-9911
Contact us today to set up a consultation to see what are your best ways to stop foreclosure in Utah.