Behind On Your Payments?
If you are potentially facing foreclosure, there are many options that you can evaluate as possible solutions on how to avoid foreclosure, depending on how far you are behind on your mortgage.
Some of the options you can consider immediately will largely depend on your equity position. They can include:
- Cash Offer
- Retail Sale
- Owner Financing
- Assignment of Mortgage
- Short Sale
- Wrap Around Mortgage
- Subject To Selling
How to Avoid Foreclosure
If you’re facing foreclosure there are two more options that you can pursue with the assistance of an attorney. These options can postpone the foreclosure temporarily, and allow you more time to find a solution.
- The first option is a TRO, which stands for Temporary Restraining Order.
The benefit to you: if the judge agrees with your request and signs off on it, a TRO can postpone your foreclosure for about 30 days.
Consequently, this postponement will give you more time to find a solution, or the time you need to sell your house. The cost of a TRO is typically around $1500.
- Another option is bankruptcy.Many homeowners try this route thinking it will stop the foreclosure and allow them to keep their house. Unfortunately, that is rarely true, but a bankruptcy attorney won’t always be upfront about that fact.
Typically, once a bankruptcy is discharged by the court, the mortgage debt will be released from bankruptcy. This will allow the bank to pursue foreclosure. The cost of bankruptcy is typically around $2000.
If you are unsure of what to do and how to avoid foreclosure, you should speak with an experienced professional rather than ignore it.
Call us today at (210) 853-2788 and we’ll help you evaluate your options, while explaining risks and benefits of each.