fbpx
8833 South Redwood Road
Suite C
West Jordan, UT 84088

Call For Free Consultation

(801) 676-5506


Call Us

Can You Get Your House Out Of Foreclosure?

Can You Get Your House Out Of Foreclosure

Did you know that there is possible way to stop a foreclosure sale? And you don’t need an attorney or an expensive service. You can do it yourself. All you need to do is get someone to take you through the forms. If you’re asking yourself, “can I save my house from foreclosure?” and the next question is “how much time do I have?”

You can file a bankruptcy before the auction and still stop sale. But unless you’re a real pursuer, you do not want to cut it that close. The moment bankruptcy is filed in the court, the lender can’t have an auction or sheriff sale. They have to stop the sale. Most people think they have to hire an attorney and pay thousands of dollars. There are a whole lot of things to consider and eventually, you may want to hire an attorney, but first things first. You can deal with all that later after you take away the instant threat of losing your home. Remember the immediate goal is stopping the sale. The good news is that all you need is initial filing in place for that to happen.

That’s all it takes to stop foreclosure. With so many homes landing in foreclosure, it is not quite surprising that there are many foreclosure loan out there, both online and offline. To get your house out of foreclosure, it is important to make sure that you are checking out foreclosure loans. These loans are given to those that are in risk of sheriff’s sale. The great thing about such loans is that the companies already understand that you have had some recent hits to your credit report, otherwise, you won’t be asking them for help in the first place. Always keep in mind these loans are most likely to carry more significant interest rate.

Though it might be fair to some, but it may be the only option to save your home, and it’s a risk worth dying for.

Once you have your house pulled out from foreclosure, you can then concentrate on paying off the foreclosure loan or maybe even refinance it. Let it be as if you’re looking for various companies out there that offers these type of loans. If you have the sometime to spare, you might want to make sure that you’re comparing the interest rates of a few different companies. You can keep your house and maybe get it for free, if you can fight for it. We all know the reason why a house goes into foreclosure is because the mortgage payment of the house was not paid. If your house is about to go into foreclosure or you’re few days late on your mortgage, there are some things you can do to keep your house out of foreclosure. One thing is to contact the bank that holds the mortgage. It is unlikely, but it is possible for the bank to that holds the lease to work out a payment plan or even put a hold on payments for a few months. This may be a small chance, but it’s worth trying out.

Another thing you can do to keep your house out of foreclosure is to take short term loan or advance payment loan. It is known that some business personnel do ask for an upfront payment and runs off with the money without giving you the loan. Also, you can sell your house to an investor who will allow you to stay in the house. This might not be your favourite option, but it is better than destroying your credit card and being kicked out your house. It is never easy to have a house that is about to go into foreclosure, but if you use some of this listed information above, it will surely help you overcome any situation regarding foreclosure. It is essential you understand that your bank might not be interested in taking your house because they will auction it and they won’t be able to sell at reasonable price. During these financial tough times, many people will be struggling to make their mortgage payment. You must make sure you communicate with your lender to discuss about the option that fits your need.

Remember that if you want to save your house, the best thing you can do is have open discussion with your bank. Let them know you’re struggling with the monthly payments. Whatever the reason, they will be willing to work out some options to ensure your house doesn’t go into foreclosure. First, you should know there is no better way to save your house unless you get a job. With a refinance, you will be able to extend the time for payments of loan or possibly reduced the interest rate. However, this option is only available to those who have not missed any payments and also have good credit card.

If you’ve missed mortgage payment already, you can talk to your lender about getting a loan modification. This is the same thing as refinance. However, it will have negative effect on your credit card but it will save your house from foreclosure. Mostly, you’re in a mess if you miss 3 mortgage payment. Because once you missed it, the bank will send a notice that you should leave the house between 20 days. If you have Notice of Default [NOD] from a lender, threatening to take your house, these are the things you can do get it back.

Contact the lender directly

Yes, you don’t have to ignore the lender because of fear or panic. Go to the loss mitigation department to see if you have options that would help you. The lender’s ultimate intention is not to foreclose your property unless they have no other option of getting their money back. A lender would prefer to avoid the process because of the costs. While meeting with the lender, negotiate the terms and conditions of the loan. The monthly payments you make could be adjusted or the payment time for the loan could be extended.

Go for loan

You can contact your bank to help you out with a foreclosure loan. Before going for this option, ensure that equity (the difference between the market the value of your case and the claims held against it) is high. Some private investors can offer such loans with moderate interest. Also, if you consider the online option, you may get lenders with lower interest rates. Loan to so stop foreclosure can help you refinance your debt and forestall the foreclosure process. Also, ask for your friends, associates, or relatives to lend you some funds to pay off your mortgage. You never might tell who can help you out. So, never keep anything to yourself.

Outright sale

When you want to get out of foreclosure, you might decide to sell your house in the right way. This means you’re going to use the process from sale to pay off your debt or mortgages. One tip to get a reasonable price when selling your house is to remodel or improve it before listing. A repaired or upgraded home will attract good money.

Short sale

You may choose to go for a quick sale when you intend to stop foreclosure. This procedure enables you to sell your house at reasonable prices with permission from the lender, mortgage, or bank. If the value of the remaining mortgage is $150,0000, you may short sell it for $135,000. Once you’re in foreclosure, consider the value of your house to be less than the mortgage owned. If that’s the case, then a short sale is the good option for you.

Remember that your bank does not want to own your house because it won’t be easy to sell it off. your best option is to have an open line of communication with your lender and work out a payment plan that helps you stay in your house. You should not be intimidated by your bank and working out the situation is your best hope.

Foreclosure Lawyer Free Consultation

When you need legal help with a foreclosure in Utah, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.

Michael R. Anderson, JD

Ascent Law LLC
8833 S. Redwood Road, Suite C
itemprop=”addressLocality”>West Jordan, Utah
84088 United States

Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews


Recent Posts

Divorce Lawyer Bountiful Utah

Bankruptcy Lawyer Farmington Utah

Can We File A Divorce Online?

Corporate Lawyer Bluffdale Utah

Spousal Elective Share

Criminal Lawyer Salt Lake City Utah

Share this Article

About the Author

People who want a lot of Bull go to a Butcher. People who want results navigating a complex legal field go to a Lawyer that they can trust. That’s where I come in. I am Michael Anderson, an Attorney in the Salt Lake area focusing on the needs of the Average Joe wanting a better life for him and his family. I’m the Lawyer you can trust. I grew up in Utah and love it here. I am a Father to three, a Husband to one, and an Entrepreneur. I understand the feelings of joy each of those roles bring, and I understand the feeling of disappointment, fear, and regret when things go wrong. I attended the University of Utah where I received a B.A. degree in 2010 and a J.D. in 2014. I have focused my practice in Wills, Trusts, Real Estate, and Business Law. I love the thrill of helping clients secure their future, leaving a real legacy to their children. Unfortunately when problems arise with families. I also practice Family Law, with a focus on keeping relationships between the soon to be Ex’s civil for the benefit of their children and allowing both to walk away quickly with their heads held high. Before you worry too much about losing everything that you have worked for, before you permit yourself to be bullied by your soon to be ex, before you shed one more tear in silence, call me. I’m the Lawyer you can trust.