The situation comes about for different reasons, but it usually involves a homeowner getting behind on his or her mortgage payments. When this happens, the bank will eventually start the foreclosure process. When faced with foreclosure, homeowners usually start to get desperate for a solution. Fortunately, there are some strategies homeowners can use to prevent foreclosure and even stop it in its tracks.
At the Law Office of Matthew J. Obermeier, we've found that the following three foreclosure prevention strategies tend to fit the majority of the situations that come across our door. Here's what we often do for our foreclosure clients:
-- Negotiate with the lender: You might be surprised to find that your lender is willing to modify your loan terms so that you can get back up to date with your payments. Your lender doesn't necessarily want foreclosure to happen. It would much rather see you back on track and paying your bills on time, so your lender might be willing to negotiate with you in this regard.
-- Pursuing litigation: You can fight your foreclosure in court, and sometimes restrain the lender from liquidating your home. You can also temporarily prevent your lender from evicting you via a temporary restraining order. There are other foreclosure defense litigation strategies you can employ depending on your situation.
-- Selling your home before it's too late: If you see in advance that financial circumstances are preventing you from affording your home any longer, you can try to sell it via a deed-in-lieu of foreclosure, short sale, sale or other methods.
At the law office of Matthew J. Obermeier, our staff is prepared to use whatever legal means are available to prevent your foreclosure from happening.