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Last-Minute Strategies to Stop Foreclosure (Hint: An Attorney Can Help!)

Last-Minute Strategies to Stop Foreclosure

Are you facing a foreclosure? Don’t give up yet! Here are some last-minute strategies to stop foreclosure with the help of a qualified attorney.

Losing your home can be a terrible tragedy. But if you’ve fallen behind on your mortgage payments, there’s probably a foreclosure sale looming in your future. 

Even if things feel hopeless, there are a few steps you can take to stop foreclosure from happening. While these manoeuvres can be legally complicated, they can help prevent you from losing your home to the bank. 

Read on and we’ll walk you through a few strategies you should be aware of. 

Filing For Bankruptcy

If your foreclosure sale is scheduled in the next few days, your declaration of bankruptcy can put a halt to it instantly. Once you file, something known as an ‘automatic stay’ goes immediately into effect. This stay serves as an injunction that can prevent foreclosure from occurring until the bankruptcy process has ended. 

There is a chance that the lender will file a motion for relief from the stay so that they can continue the foreclosure process. Having an experienced attorney at your side can help ensure you are protected.

Even if the lender gets permission for a foreclosure to proceed, a bankruptcy filing will buy you a few weeks. This is enough time to work out alternatives with your lender. 

File A Lawsuit 

How is your lender proceeding with the foreclosure? If they are doing so using a nonjudicial process, you may be able to challenge the foreclosure via a lawsuit. 

To win in such a lawsuit, you would need to prove to the satisfaction of the court that the foreclosure should not take place. There are a few different ways to do this. You could argue that the lender violated the Homeowner’s Bill of Rights, or that they did not properly follow the required steps in the foreclosure process. 

An attorney can help look at the details present and help establish what kind of case you might have against your lender. They can help gather the required evidence and represent you to the court. 

If you’re unable to prove your case, the foreclosure will continue. 

Apply For A Loan Modification

If it’s still early in your foreclosure process, it might not be too late to apply for a loan modification. A loan modification is a change to your monthly payment plan. Dual tracking laws don’t allow a lender to proceed with a foreclosure while working through a mitigation application. 

As such, if a lender were to accept your loan modification, the foreclosure process would immediately cease. 

There are many policies within dual tracking laws that might be able to help your case. A knowledgable attorney can help you walk through the specifics that might apply to your particular case. 

How To Stop Foreclosure With A Little Help 

There are few more dire situations to be in than a home foreclosure. If you’re in risk of losing your home, it’s essential that you stop foreclosure in any way possible. A professional attorney can help walk you through the above options and pick the right strategy for you. 

Need help right away with your foreclosure case? Contact the McFarlin Law offices for a free case evaluation. Avoiding foreclosure can be quite difficult but the help of an experienced attorney can make all the difference. Call 888-728-0044 today.