Can You Stop a Foreclosure Once It Starts?

Yes, it is possible to stop the foreclosure once it starts. There are several ways to do so. However, the availability of these options may be limited based on your specific situation: 

1. Reinstatement¬†— Pay back the default amount. This is the surest way to keep your home if you have the money to pay in full.

2. Loan Modification¬†— Even if you had been denied before, you may be able to submit another loan modification or an appeal.

3. Bankruptcy — You can file a bankruptcy chapter 13 or 7 (which are commonly used to stop the foreclosure). There are other chapters available based on your situation.

4. Sell your house before it gets auctioned — This will prevent a foreclosure record on your credit report.¬† This is the best option if a loan modification or bankruptcy are not possible.

Every situation is unique and every option to remedy the situation is unique as well. Contact us for any questions. We provide no obligations, no-risk consultation, a comparative market analysis (CMA).

Leave a Reply

Your email address will not be published. Required fields are marked *