There is no need to worry if you were unable to pay three consecutive mortgage payments. There are still ways you can be saved from the wrath of your lender, even though he has filed a Notice of Default (NOD) against you. You’ll be able to get rid of it by following the strategies described below.
Before your home is auctioned, lenders mostly prefer try to reach a compromise with the homeowner, or, in other words, allow the homeowner to get back on track in order to stop the foreclosure process from occurring.
Even if the lender files a NOD and you get an offer from a buyer, the lender should respect the fact that you have a buyer. The lender may try to resell your home even if they foreclosed your home. But if you come up with an appropriate short sale offer, the lender may see it as an efficient, easy and relaxed way of resolving the issue. So, if you have that option or are in a situation in which you have to sell your house immediately, our guide on "How to Sell Your Home Immediately When Foreclosure Looms" is the right place for you to visit to show you how to escape the foreclosure process.
Another way out to get rid out of the foreclosure process is through your bankruptcy rights as a citizen of this country. You have the right to file a bankruptcy petition according to the law. This federal law enunciates that any debt collectors, including any in financial institution, including mortgage lenders, should stop their collection actions when you have become bankrupt. Bankruptcy allows you to stop foreclosure in even the most extreme situations and aids in you in exercising your legal rights. But this legal protection only allows you to stabilize your financial situation for a while and only protects you until you recover from the ongoing financial crisis. As soon as you come out of your present critical situation you have to return your pending liabilities. Prior to filing any bankruptcy petition, you should consult your legal advisor or lawyer.
Another option you should consider to escape the foreclosure process is getting rid of your lender. You may be able to rid yourself of the lender for a short time but, unfortunately, it is a hard and troublesome process. Normally, lenders are not willing or in favor of this option. They are actually more reluctant to pursue it. People following them could be one of the reasons. Homeowners could possibly sue them later on because of the ambiguity of lender and borrower relation and the future statements that can be proved either truth or false by either party. Most of the time the lender does not agree to go for that option or is unwilling to pursue that option.
Another option you should consider is taking out a loan from another location. This creates more of a win-win situation for both parties. Normally, a mortgages on average have “due on sale” option endorsed by a formal clause. It states that if the borrower wants to buy the entire property at any point in time, he has to clear all of the pending payments when due conditions apply. But you can also make a settlement with your lender to change or modify your payment schedule, after the mutual consent of both the parties, in accordance with the agreement. The closure can also possibly stop by choosing this option.
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