Phoenix, AZ -- (SBWire) -- 07/16/2013 --A homeowner defaults on their mortgage. Their lender reserves the right to foreclose on the home and sell it to try to recover their losses. But mortgagers shouldn’t panic. Credit-Yogi.com would like to offer some suggestions for those worried about foreclosure or who want to keep from losing their home during the foreclosure process:
- The Process of Foreclosure
- Stopping a Foreclosure
- Stopping a Sale
Facing foreclosure?Get Best Easy Solution For Stop Foreclosure Sale!
The Process of Foreclosure
The foreclosure process is a long process in which the mortgager has plenty of time to cure the default and retain their home. The lender starts by going to the local county recorder’s office to issue a notice of default. The defaulting mortgager is then alerted. They then have three months to resolve the debt until a notice of sale is established. Borrowers have up until five days before the sale to reinstate their house.
Stopping a Foreclosure
Those wondering how to stop a foreclosure may look to a couple of outside services for help. Complications often arise that prevent the borrower from paying the default. Perhaps the lender may be reluctant to work with them. The department of housing and urban development offers mediation services for mortgagers looking for help with their lenders. They have knowledgeable counselors familiar with the foreclosure process who can convince lenders to work out a payment plan. Another desperate measure can come from chapter 7 bankruptcy. The mortgager can file for bankruptcy and the bankruptcy court can prevent the bank from taking the home with an automatic stay.
Mortgagers can also work with lenders to modify their mortgage for lower interest and longer terms. It may require proving hardship or loss of income leading to the default. They can also be given forbearance, or a temporary relief of payments over a period of time to allow financial recovery. Credit-Yogi can provide counsel for those wondering what measures to take and how to approach them.
Stopping a Sale
Those wondering how to stop a foreclosure sale should be warned that it doesn’t pay to be disabled by fear. Time devoted to panic will increase the probability of loss. The mortgager has a right to know how much time they have to recover and should make the assertive effort to contact their lender, know the terms and the time to act. There may be a court appearance required to determine the necessity of a sale and its occasion. Foreclosure victims should just be aware that the foreclosure sale date is the deadline for a last effort.
About Credit-Yogi
Credit-Yogi.com is a helpful consumer services resource for homeowners and foreclosure victims. Their professional team will offer sympathetic counsel and refer victims to the right resources and solutions. Call 866-964-9644 for a free consultation.
How to Stop Foreclosure,Advice for Stopping a Foreclosure Sale