Stop Foreclosure Sale

If you are a homeowner facing financial difficulties, the thought of losing your home to the bank may be hard to consider. However, for many homeowners who purchased homes in the last few years, when increasingly permissive home loan guidelines radically altered the mortgage industry’s working definition of “affordability,” it may not be realistic to try to work out a plan to remain in a residence that is simply too expensive.

In these cases, the best way to avoid the legal costs and emotional trauma of going through a long, drawn-out foreclosure process may be arranging to sell the property. There are a number of different methods you can use to arrange a "stop foreclosure" sale.

The first step is to consider putting your home on the market as a traditional real estate listing, asking for the full value of the mortgage as the selling price. However, if you are “upside down” in your home loan and the amount you owe far outpaces the market value of the home, this could prove to be difficult.

Fast Facts

  • If a traditional home sale does not appear to be possible, talk to your lender about the possibility of a short sale. In this arrangement, the lender agrees to accept a sale amount for less than the current loan value of the home. In some cases, you may still be liable for the balance
  • In some states, you may be able to arrange for another buyer to assume your home loan. Talk to your lender to find out if assumption is a viable possibility in your situation.

stop foreclosure sale - Lawyers, Articles and Q&A

Search Results for "stop foreclosure sale"

Articles

Results 1-5 of 51 for "stop foreclosure sale"

Q&A

Results 1-4 of 4 for "stop foreclosure sale"

From Around the Web

Results 1-1 of 1 for "stop foreclosure sale"

SF4:0.7.5.100318.8582-