Q&A: stopping a foreclosure, how?

Question by Ray S: stopping a foreclosure, how?
what steps are necessary to stop a foreclosure as you attempt to sell the property, and how long does the foreclosure process take?

Best answer:

Answer by WDOUI
The ways to stop a foreclosure are pay the debt either threw refinance or cash. Sorry that’s it. Depending on the state and county it can take about 6 months from start to finish.Notification in the paper is mandatory to secure all debts on property and it has to be listed 3 times in print over a 2 or 3 month period

Add your own answer in the comments!

5 Comments/Reviews

  • H. A says:

    Foreclosures can begin the first day you are in default, but generally don’t begin until about the fourth month late. You can stop them by paying the mortgage up to date, or by negotiating a payback plan, considering that you have some equity in the house. The lender doesn’t really want to foreclose, but they will if you can’t agree on a payment plan that is acceptable to them. Another way is to file chapter 13, which will buy you some time as you are trying to sell the house. Once it is sold you simply dismiss the chapter 13. I have know of foreclosures that took two years and others that were complete in five to six months. Once you miss four payments the credit bureaus report 120 days late your credit is ruined as 120 days is considered to be a foreclosure, even if you save the house. It will take at least two years to get your credit back to where you can purchase another house with a mortgage, and in some situations three and more years. Be sure to pay all your other bills during this process as you can explain the reasons that caused the problem and it will work to your advantage later on. Foreclosure laws vary from state to state, and the non judicial foreclosure states are the fastest to obtain the foreclosure. Check your state laws and cover yourself accordingly.

  • src says:

    You have several options available. The lenders will ussually allow you some time to sell, but usually it is only three months. In this market it will be hard to sell unless the house is sold way under value. I can suggest a consulting firm who helps people in situations like yours. They will negotiate with your lender to restructure your loan, or negotiate a short sale for you. You can call Simona Bunin at 1-866-502-8472 for a free consultation. Foreclosureprocess takes six months to a year, but to avoid foreclosure it is important to act quickly

  • brmj41975 says:

    If you want to stop a foreclosure Go to my website and submit your basic information. I will then call you and fill out a foreclosure form . My company will then call you with the options available to you and give you information so that you can make an informed decision on what you want to do. I look forward to hearing from you! http://www.consolidatedsg.com/brmj41975/fc

    Demetria Haller

  • darinfrantz says:

    If you want to stop the foreclosure to allow the property to sell more than likely you will have to have a contract in hand. With that you can call the mortgage company and request them to allow you to sell the home.

    If you don’t have a contract still call them and explain the situation.

    Here is a page that discusses on how long the process takes.

  • RealEstateGirl says:

    How far are you behind? be careful using lenders that know you are desperate, if you plan to refinance. In some states foreclosures do not even require a court date, so it can happen really fast!!
    If you are planning to sell, make sure you don’t overprice the home. What do you owe? and What is the home worth? How is the market in your area?
    These are all important things to consider

Powered by Yahoo! Answers