If you don’t pay more than three payments on your mortgage and your lender files a “Notice of Default (NOD)”, you’re in the process of foreclosure on your home. This is because when you sign a mortgage, you get agreed to pay the full amount to the lender bylaws for the loan along with other terms. But, when you stop paying the installments or repayments, you simply breach the agreement. As a result, the lender will try to recoup their investment some other way, including selling your home that they have the right as per the contract. This way, when they start the process of selling your home, this is known as a foreclosure on your home. However, the question is how someone can stop the process of foreclosure on their home. Just continue reading to know it.
Now, let’s know some ways to stop the process of foreclosure, but don’t forget we buy houses Dallas TX if you need to sell anytime.
Short Sale
When you get NOD from your lender and before they fix an auction your lender might consider it when you get an offer from a buyer. It’s because the lender is heading for just turn around while trying to resell it when they foreclose on your home. But, if you offer them a reasonable short time to sell it, they might consider it as it’ll save their time and money. As a result, continue to forcefully get a buyer for your home when it’s on the market to sell. Even you’ll be able to do it if your lender starts the process of foreclosure on your home. Before you start advertising your house, you have to make it attractive in some ways. So, you’ll get clients fast for your house and be able to sell it within the assigned time.
Bankruptcy
In its tracks, bankruptcy brings to a close foreclosure deed. If you get filed a petition of bankruptcy, federal law makes illegal any debt collectors from ongoing collection works, such as your mortgage lender. In this law, the process of foreclosure is considered as a collection works that your lender becomes aware the day that you’re with bankruptcy. As a result, it’ll make frozen of the foreclosure process effectively from the day of filing your bankruptcy. But, don’t forget one thing that the trustee role of bankruptcy is just to play mediator or negotiator between both parties of you and your lender when you’ll get to the court. It’s true you’ll get some more days to get a new job or get recovered your personal finance from bankruptcy, but you’ll not get off the hook for your sum unpaid.
Deed in Lieu
You’ll get the option of making a deed instead of foreclosure is precisely what it sounds like. To get your home back over to the bank willingly before they sell your home to the companies who says, “we buy houses Dallas Fort Worth”, you’ll be facing the deed of foreclosure. It may sound like you’ll get a better option, but it’ll affect at the same way on your credit score that you get by foreclosure.
