Looking to Stop Foreclosure Fast?
If you're facing foreclosure, you're probably under a lot of stress. You may be desperate for a way to stop foreclosure and save your home, and that's understandable-but it's also dangerous. There has probably never been a time when it was so important for you to educate yourself and make sensible, well-reasoned decisions.
This is all the more important given the high incidence of foreclosure rescue scams in today's housing market. Making a decision based on verbal representations without doing your homework could mean losing not only your home, but the equity you have built up as well. Foreclosure rescue scams aren't intended to stop foreclosure at all, but to put money in the pockets of the scam artists.
Knowledge is power. Learn about your options and make educated decisions about the best way to stop foreclosure in your circumstances.
Learn about Your Options to Stop Foreclosure
There's no one-size-fits-all solution to a serious problem like mortgage foreclosure, and you can't afford to make mistakes. That's why at Foreclosure Fighter we've assembled information about several different ways you may be able to stop foreclosure, all on one website. Use our resources to educate yourself about different options to stop foreclosure, including refinancing, debt workout plans, and Chapter 13 bankruptcy.
One thing is certain: the worst thing you can do is to do nothing. Take action to stop foreclosure now, before it's too late! Even if you've reached the point at which you don't think that you can realistically save your home, consider other options such as a sale, short sale, or Chapter 7 bankruptcy that may help you to protect the investment you've already made in your home and prevent the deficiency judgments that may survive after foreclosure.
Some of the most common means employed by homeowners to stop foreclosure include:
Refinancing to Stop Foreclosure: Refinancing isn't an option for every homeowner facing foreclosure, but for homeowners with significant equity who are not more than 90 days past due on mortgage payments, refinancing can be an excellent way to stop foreclosure. When the home is refinanced, past due payments are rolled into the new loan, so that the homeowner starts fresh with no past due balance. In some cases, the refinanced loan may even carry a lower interest rate or lower monthly payments than the original mortgage loan.
Debt Workouts to Stop Foreclosure: A debt workout plan may allow a homeowner to stop foreclosure by catching up payments over time, modifying payment terms under the original mortgage agreement, or even reducing the amount due. The term debt workout encompasses a variety of possible solutions that can be negotiated with the mortgage lender. Even if a homeowner has attempted to work out a payment plan or partial payment with the mortgage lender and failed, a professional can sometimes negotiate a debt workout plan to stop foreclosure.
Chapter 13 Bankruptcy to Stop Foreclosure: Chapter 13 bankruptcy can automatically stop foreclosure in most cases. The automatic stay entered when most bankruptcy cases are filed puts an immediate stop to all collection actions, including foreclosure, while the bankruptcy case is pending. A Chapter 13 bankruptcy plan may then allow the homeowner to catch up past due payments over time, with a 3-5 year payment plan. A successful Chapter 13 bankruptcy plan allows the homeowner to exit the bankruptcy with past-due amounts paid up and current mortgage payments up to date, so that foreclosure isn't simply forestalled, but stopped altogether.
The Best Way to Stop Mortgage Foreclosure
When it comes to finding the best way to stop foreclosure, the specifics of your situation play a significant role. Things like the amount of equity in the home, the monthly payments, your current financial circumstances, how far behind your mortgage payments are, and a variety of other factors combine to determine the best way for a particular family to stop foreclosure.
For those who have significant equity in their homes-generally 15-25%-and who haven't fallen too far behind, methods like refinancing can often stop foreclosure and may bring other benefits as well. For those who have less equity, or who are more than 90 days past due on mortgage payments, other options may be more realistic-especially if foreclosure proceedings have already begun.
At Foreclosure Fighter, we want to make sure that you have the general information you need to make good decisions about which options you should explore further. That's why we've provided basic information about refinancing, debt workouts, and Chapter 13 bankruptcy right here on the Foreclosure Fighter website…but we haven't stopped there.
Once you've had the opportunity to read some basic information about the various methods available to stop foreclosure and decided that you want more information about a particular option, complete our quick, easy online form. We'll put you in touch with a professional who can provide further information about refinancing options, debt workout plans, or Chapter 13 bankruptcy, so that you can make an informed decision for your future.