With the CARES Act forbearance coming to an end, foreclosures are estimated to be at an all time high and with this “wave” of foreclosures, millions of families will lose their homes. Our country hasn’t seen anything like this since the Great Recession.
Maybe you are one of those millions of people anticipating these changes and wondering “can I stop the foreclosure on my house?”
Not only can you delay a foreclosure, but in some cases, you can stop foreclosure altogether.
As a homeowner, you have certain options available for you to stop foreclosure, even if you have already received a Notice of Intent (NOI). Knowing what options you have could be the difference between keeping or losing your home.
We understand the stress that this process can put on someone which is why we recommend working with an attorney. Josh Denbeaux is an experienced foreclosure attorney familiar with the New Jersey foreclosure process and works with his clients to keep their homes or stay as long as possible.
The stress of potentially losing your home is something no one should have to deal with, especially after the hardships of COVID-19. Keep reading to learn more about how to stop foreclosure immediately, or contact us today for a free phone consultation and to see what the lawyers at Denbeaux & Denbeaux Law can do for you.
How To Stop Foreclosure
Although foreclosure can be a long and complicated process, it isn’t impossible to stop. That’s why knowing your options as a homeowner under foreclosure is so important. Here are 4 ways to stop foreclosure immediately:
1. Pay Off the Entire Loan
If you want to stop foreclosure on your home immediately, one of the fastest ways to do it is to pay off the entire loan. Paying off your entire mortgage loan will bring your loan current, meaning you don’t owe anything else on your home. This might not be possible for everyone, but this option is available for those who can afford it and want to stop foreclosure in its tracks.
2. Get Up-to-Date On Payments
If you are able to pay the sum of missed payments and late fees on your loan, do it. This will stop the foreclosure process as long as the homeowner is able to keep making payments. Banks care about their money, so as long as you stay and continue to stay up-to-date on payments, foreclosure on your house will stop.
That being said, if you end up in trouble again on payments, you could put your home further at risk so it may be time to explore the next option, a loan modification, in addition to paying your missed payments.
3. Get A Loan Modification
A loan modification allows you to modify the loan that you owe to your lender. This could mean splitting up the payments into smaller amounts or giving you more time to pay it off. Lenders are allowed to deny the modification, but usually they will approve this option for you because most of the time they’d rather have the money than go through the process of foreclosing on your house.
If you decide to go the route of trying to modify your loan, be aware that banks are notorious for trying all kinds of games to maximize their investments. While regulations have gotten a lot better for homeowners since the Great Recession, there’s so much room for improvement you should consider hiring a loan modification attorney to better protect your rights as a homeowner.
4. Sell Your Home In A Short Sale
Properties under foreclosure can still be sold prior to the sheriff’s sale. You’ll probably think of what’s called a short sale as a common solution to foreclosure. Selling your home at the right price and within the right time frame will pay off your loan and stop the foreclosure.
While it is possible to sell your house yourself, selling isn’t always the best solution to avoiding foreclosure. Not only will you likely miss out on some of the value of your home to sell it quickly, you may miss opportunities to keep your home through the foreclosure process.
What If Those Options Don’t Work To Stop Foreclosure?
Foreclosures can be a scary process, especially with the end of pandemic protections just around the corner. Knowing that there are options available for homeowners to stop mortgage foreclosures could make the difference between you being able to keep your home or losing it.
We understand that even with these options available, they may not be the best choices for your particular situation. Maybe you can’t get current on payments, have already been denied a loan modification, or can’t get out from under your home for one reason or another.
Keep in mind, these options aren’t the only ones to stop a foreclosure on your home.
During the foreclosure process, you can start an investigation into what your mortgage servicer has done in the process. If there are violations, which are very common, you may be able to stop the foreclosure process and keep you home permanently.
As a homeowner you may be wondering if an attorney can stop a foreclosure. The short answer, an experienced foreclosure defense attorney can work with homeowners to find options that can help stop their foreclosure.
At Denbeaux & Denbeaux Law, our foreclosure defense attorneys are ready to answer all of your questions and work with you through your foreclosure process to help make the right choices in your situation.
Start The Process to Stop Foreclosure Today
Although homeowners can handle the foreclosure process alone, it can be a long and difficult process especially for someone who doesn’t know all of the options to stop foreclosure.
Joshua Denbeaux is an experienced foreclosure defense attorney who is familiar with the foreclosure process and works with homeowners to find a way to stop a foreclosure. We have helped clients going through foreclosure to figure out what their options are and navigate the foreclosure process with ease.
Wondering how you can stop foreclosure on your home? Contact Joshua Denbeaux for a free phone consultation today.