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Stop Foreclosure Fast

Jul 29, 2008
What is the speediest way to stop foreclosure? Pay off the loan of course, but if you were in a position to do that you wouldn't be facing foreclosure. It's not all bad news however. There are still methods that can be used to stop foreclosure fast. Read on to learn about popular ways to stop foreclosure in a hurry.

Loan Payoff / Refinance

This technique only works if you have enough time before the date of foreclosure sale. To be sure that this will work for you, you should ask the bank about a full payoff. Still, it is sometimes the case that there is enough equity in a home for the homeowner to refinance the loan and pay off the loan in full, therefore avoiding foreclosure. Keep in mind that because you are a risk to the new lender you may find it more difficult to get a refinance loan and if you do it will probably be at a much higher rate.

Bankruptcy Filing

Bankruptcy is generally a last choice because it comes with quite a few drawbacks. Declaring bankruptcy to stop foreclosure is only effective for a short while. All it serves to accomplish is to delay it until the bankruptcy court says it may go proceed. Bankruptcy should not be the answer if the foreclosure is your only major debt.

Short Sale

A short sale is when you come to an agreement with the bank that allows you to sell the home for less than you owe and have that considered as payment in full. If you are considering a short sale, you must have all of your figures in front of you and call your lender with the precise details to find out if they would take a short sale for your property. You should be aware that there can be tax implications to a short sale.

The Deed in Lieu of Foreclosure Option

If you have chosen that you won't be looking to keep the home, you can avoid the most stressful part of the foreclosure process by offering a "Deed in Lieu of Foreclosure". This is when you actually offer the bank the deed to stop the foreclosure process. To determine if your bank would consider such an arrangement, you can negotiate it with their loss mitigation department.

While these ideas may stop foreclosure, preventing it from happening at all is a better option. By acting quickly at the first signs of possible problems, you can stop foreclosure. When you are facing foreclosure, the more time you have, the more choices you have and the better the outcome.
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