How To Stop Foreclosure in Houston At The Last Minute
Can foreclosure be stopped? There is not one homeowner on Earth that wants to face foreclosure. Luckily, there are ways to stop foreclosure immediately.
Alter Your Loan
While it is highly unlikely and dependent on your lender approving a change. It is still worth it to take a shot and ask your lender for a loan modification. If you can convince your lender to lower your monthly payments to fit your budget, this could be the solution you are needing to stop a foreclosure auction immediately. This could be a situation where it’s a win-win scenario for both you and the lender. The lender doesn’t have to foreclose and you get to stop foreclosure on your home.
File For Bankruptcy
When you file for either Chapter 7 or Chapter 13 bankruptcy you stop the foreclosure auction immediately. When you file the bankruptcy it triggers something called “automatic stay”. The stay functions as an injunction prohibiting the bank from foreclosing on your home or otherwise trying to collect its debt. So, any foreclosure activity must be halted during the bankruptcy process. The bank may try to file a motion to remove “automatic stay” but even if they do you will succeed in delaying the foreclosure at least a month or two.
If you want to keep your home, a Chapter 13 bankruptcy might help you accomplish this goal. But if you’re simply trying to buy some time by stalling the foreclosure, a Chapter 7 bankruptcy might be right for you. Keep in mind this will tremendously hurt your credit but at least it can help you have enough time to figure out a way to sell your house fast.
File A Lawsuit To Stop Foreclosure
If your bank is using a nonjudicial process to foreclose, where the foreclosure is completed outside the court system then it is possible to stop or at least delay the foreclosure by filing a lawsuit against the bank.
A lawsuit will be expensive and it is risky to sue your bank. If you lose the case you will fail to avoid foreclosure and have the bank’s court costs and legal fees to be responsible for. Seek legal advice before filing a lawsuit to stop a foreclosure.
What’s The Best Way To Stop Foreclosure?
The easiest way to stop foreclosure immediately is to sell your house fast. Selling your house will satisfy your loan with the bank and help you retain any equity you built in the home while also protecting your credit score. This will help you have the most options available when finding a new home.
When you need to sell your house quickly because of foreclosure contact Good Neighbor Home Buyers. We have helped many homeowners that need help avoiding their foreclosure auction by buying their house in as-is condition. We cover all closing costs and commissions so you do not have to spend any money out of pocket to sell your house. Call one of our licensed agents today at 281-713-3255 or fill out the form below and we will contact you to help you figure out ways to stop foreclosure immediately.