[vc_row][vc_column][vc_column_text]How to stop foreclosure at the last minute? If you are looking for ways to stop foreclosure immediately as time is running out, which method is right for you depends on exactly how “last minute” it actually is. But, not to worry, you can Stop Foreclosure Quick.
Your options essentially come down to two possibilities: either you can negotiate with the lender to come up with an alternative (in which case they will stop foreclosure), or you can pay off the balance of the mortgage (including any costs and fees) in which case the foreclosure process will stop regardless of the lender.
For many homeowners facing foreclosure, of course, both of these options can seem daunting. Yet both are easier and more likely than you may think — if you know how to go about it.
How to get out of a Foreclosure – Negotiating Foreclosure Alternatives
The fastest and usually best option, if it is available to you, is to negotiate an alternative to foreclosure directly with the lender. It may seem surprising, but most lenders strongly prefer to avoid foreclosing. Why? In Canada, foreclosure is an expensive, time consuming process that almost always results in a net loss to the lender. They will therefore only push forward with a foreclosure if they really believe it is their best chance to recover the money they loaned out initially.
As a result of all this, if you can demonstrate to the lender that the gap in your home payments was due to an emergency, one-time circumstance (such as an illness, injury, or job loss) then they may be willing to work out a payment plan that avoids foreclosure.
If you do not have the financial means to continue living in your current house, it may also be possible to negotiate a “friendly foreclosure,” sometimes called a deed-in-lieu of foreclosure. This avoids the court system and much of the damage to your credit record. It allows you to sign over the home to the lender and walk away “free and clear,” so you can start fresh and not have to worry about your old debts following you around.
Paying Off The Mortgage — It’s Easier Than You May Think
If the lender is not willing to negotiate or the foreclosure proceedings are already underway, you still have options. Even if your credit does not allow you to refinance with a traditional lender in order to pay off your current mortgage, you can still stop foreclosure.
There are alternative financing options available that will allow you to stop foreclosure immediately, regardless of your credit score.
How does this work? The process starts when you contact HOS Financial. Our Refinance Buy Back program is designed to connect you with a private lender who will pay off your mortgage now, even if you have bad or no credit. While their are some details, the main criteria are that you must have a steady source of income and at least 10% equity in your home. Your credit score does not matter.
Once the mortgage has been paid off, your foreclosure will stop even if the courts have already gotten involved. Provided you are still within the “Redemption Period” of the foreclosure process, paying the mortgage will put a halt to the threat of losing your home.
Then, you continue living in your home — with access to up to 90% of your home equity so you can pay off other debts — as we coach you back to excellent “credit health.” A portion of the rent you pay during this time will also be set aside as a down payment on your future mortgage.
By the end of the program you will have the kind of good credit that allows you to walk into the offices of a bank, credit union, or other lender and secure a traditional mortgage that lets you keep living in your home indefinitely.
However, in order to get started you must take action immediately. The longer you wait in a foreclosure, the more expensive things are. Therefore, call HOS Financial now.