8 Ways Homeowners Can Stop Foreclosure

8 Ways Homeowners Can Stop Foreclosure

1). Be on Top of Your Situation

Reach out to your lender for a solution- 1oz of prevention = 1lb of cure

If you've already received a Notice of Default:- You must respond within 20-30 days.

Talk to a foreclosure attorney at once.

Don't ignore your problem; do something!

2). Refinancing

Must also have a good FICO score and equityfor a new loan.

Only for homeowners who are current on their mortgage payments

3). Repayment Plan Allows homeowners to repay missed payments

Missed payments are “spread out” over time

Best for homeowners who've suffered temporary hardship

4). Forbearance

- Only a temporary solution

- Allows a homeowner to suspend or reduce payments for up to 6 months

- Borrower must pay an additional amount at end to become current

5). Proactive Foreclosure Defense

A lawyer fights foreclosure as long as possible

Many homeowners use this to buy time to obtain a loan modification.

Some law firms combine proactive foreclosure defense and loan modification.

6). Loan Modification

The ideal solution for homeowners in trouble.

Changes terms of the mortgage agreement tomake it more affordable.

Works best as compliment to foreclosure defense

7). Bankruptcy

Only viable for some homeowners.

Harms long-term financial future

May not save a home from foreclosure

Should be considered a last resort

8). Suing Your Lender In a Class Action Lawsuit

High Risk of Losing Your Home

Completely different from foreclosure defense

Involves extensive- and expensive litigation

Requires time, money, and a good attorney

Sometimes used as part of proactive foreclosure defense.

9. Suing Your Lender Individually

There is no one-size-fits-all solution;not every strategy or law firm is for everyone.

?Questions? Comments?

Do you need to speak with an attorney about your foreclosure?

Call 877 – 882 – 5338

Email [email protected]

Schedule a Consultation at www.amerihopealliance.com

Solutions presented by Amerihope Alliance Legal Services, a foreclosure defense law firm representing homeowners in FL, IL, NJ, NY, & PA.

(877) 882-5338www.amerihopealliance.com