Divorce Foreclosure Options: How Can I Stop The Foreclosure Process
Many people who have been divorced and who find themselves behind on their house payments often wonder if there is any divorce foreclosure options that they have to help them get back on track. Foreclosure is a very scary word, but in some cases it can be a necessary process for many homeowners. It is important to remember, however, that even if you have fallen behind on your mortgage payments, you do not have to be forced from your home by the courts.
In most states, foreclosure proceedings will only occur after the homeowners have missed three months of payments on the mortgage. A court may issue an order to foreclose when a homeowner has missed payments due to various reasons, such as a poor economy or a divorce. Foreclosure can be an expensive process, with attorneys fees and other expenses adding up quickly. Some homeowners may try to postpone the foreclosure, hoping that it will go away without any legal action. However, if the lender files an eviction notice with the court, the delay could be costly.
Many individuals are surprised to learn that there are divorce foreclosure options available. There are several ways that a homeowner may be able to stop the foreclosure process before it proceeds to court. In many cases, a lender will agree to accept a payment plan with a payoff amount that is more affordable than the mortgage balance. This may allow homeowners to avoid the expensive costs associated with a foreclosure proceeding and may help them to avoid late fees and court costs.
If your mortgage company agrees to accept a payment plan that is more affordable than the full amount owed, the court may order the lender to defer the foreclosure sale. In some instances, this may be enough time to help you avoid the sale of your home, especially if you have equity in it and the remaining balance is not enough to pay off the mortgage. A loan modification may also be an option to discuss with your divorce lawyer, who may help you to modify the terms of your mortgage to help you avoid foreclosure.
Foreclosure auctions are another option for those homeowners who do not qualify for a loan modification or a home loan refinance. In these sales, a trustee will often auction the property to try to recoup some of the loss. Homeowners may be able to save their homes by bidding low on a property that is well under market value. If you are unable to get to refinance or home loan approval after a foreclosure sale, you may not be able to successfully bid on an auction property. Before you decide to take part in an auction, discuss your options with a qualified real estate professional.
When dealing with a potentially harmful foreclosure, it can be tempting to give up and try to wait out the foreclosure process. But, remember that it never hurts to explore your divorce foreclosure options. There are a number of creative strategies that you can employ to stop the foreclosure from going through. Your goal should be to make sure that you are able to remain in your home and https://what-is-a-non-judicial-foreclosure.webflow.io/posts/what-is-a-non-judicial-foreclosure avoid losing your house to the bank. No one needs to lose their home to foreclosure, so do not hesitate to explore your options.
