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How To Stop Foreclosure Fast
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Posted on: 5th Nov 2014
There are ways to stop foreclosure fast. You don�t need to wait for a long, drawn out solution. Oftentimes, that only leads to you losing your home and having a bad mark on your credit. Instead, you can work with your bank or an investor to stop foreclosure fast.
The first, and easiest way to stop foreclosure fast is to find an investor who is willing to pay off the existing debt on your home. Unfortunately, most investors see the glutted home market and think they can find bargains for less than the amount people owe.
That is where the short sale investor comes into the picture. He or she works with you to deal with the bank to stop foreclosure fast. A short sale is a three way deal where everyone gets something out of the bargain. The bank waives some of the principal giving the investor instant equity in the home. You walk away from a mortgage payment that you just can�t make any longer. The investor gets a deal on the property. The bank gets rid of an underperforming loan. And, you get out of the foreclosure mess you�re in.
A similar option is to work with the bank directly without an investor. This is called a Deed in Lieu of Foreclosure. The bank takes over the home and you walk away from the mortgage. You agree to leave the home in good shape. Too many bank owned homes have had their value seriously deteriorated because homeowners have either maliciously trashed the property or tried to sell off everything, including the copper piping, to raise money.
If you are going to agree to either a short sale or a deed in lieu, you need to make sure that the bank agrees to waive its right to pursue a deficiency judgment. If you don�t do this, the bank can come after you later for the difference between the amount you owed and the amount the home was agreed upon.
Washington has given banks some incentives to help stop foreclosure fast. For instance, banks are now willing to work with people who are not yet delinquent on their loans. States are also implementing policies and laws which help homeowners stop foreclosure fast through increased bank regulation.
And, if the new bankruptcy reform bill passes, homeowners who pursue bankruptcy as a solution to their homeowner problems will be able to ask the Judge to modify the terms of their mortgages. Currently, Judges can do this on vacation homes, car loans, and other debts, but not on the primary mortgages.
If you do nothing, what recent history has shown us is that you will lose your home and develop terrible credit. Action is preferable to non-action. You should contact the bank immediately if you think you are in trouble with your payments and ask them what can be done to stop foreclosure fast.
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