When it comes to foreclosure, you may find yourself considering many different tactics, most of which are aimed at delaying or (hopefully) stopping the foreclosure.
To DELAY, STALL or SAVE THE PROBLEM for another day, you can do the following:
- Hire an attorney
- Do a loan modification
- File for bankruptcy
- Communicate with your lender
- Contest the foreclosure every step of the way
- Request to see the note and or other documents
- File a lawsuit
While these methods are occasionally successful at delaying or even stopping a foreclosure, none of them are guaranteed to give you what you’re ultimately looking for.
For guaranteed PEACE OF MIND (STOPPING the Foreclosure), you have to give the bank what they want.
OPTION #1: REINSTATEMENT
- Call the bank directly and ask for a reinstatement amount. This can take between 5-7 business days.
- Pay the amount that is overdue.
OPTION #2: PAYOFF
- Call the bank directly and ask for a payoff amount. This can take between 5-7 business days.
- Pay the outstanding debt.
Both of these options are 100% guaranteed to give you the peace of mind you deserve. It may be a tough reality to face if you don’t have the money to pay the bank, but it’s important you know how to TRULY put this behind you.
ONE LAST OPTION: SHORT SALE
If your home is worth less than your outstanding debt, you have the option of doing a short sale (i.e. negotiating with the bank to take less than the owed debt). This is not a guaranteed way to stop the foreclosure process, but it does show the bank that you are trying to do something. You have essentially told the bank that you are willing to sell the home if they are willing to take less money than what is owed.
Ready for your own “Peace of Mind”?
At WeBuySaltLakeCityHouses.com, we are experts in the foreclosure process. We have helped hundreds of homeowners just like you to find a solution to their foreclosure problems.
We purchased this Magna home days before the home was to be sold at a public auction. The sellers had moved out of the property thinking they were out of options. We were able to save the seller’s credit by stopping the foreclosure while putting thousands of dollars in the seller’s pocket.