There is always a way to save your home from wrongful foreclosures. When you feel that you are trapped by the lender and you will have to finally give in to foreclosure you frantically try some last minute way out. Well there are some ways actually which can help you get back the case to your grip, and can buy you some time. Any good mortgage foreclosure attorney would suggest you these steps as foreclosure knock your door.
The steps which can stop foreclosure immediately
Though the steps won’t close foreclosure permanently, it will still buy you some time so that you can get think of some alternative, consult a mortgage lawyers, or find out your lender is actually guilty of a mortgage servicing fraud.
Bankruptcy: You can declare bankruptcy immediately to stop foreclosure. No lender has the right to continue the collection process once they are aware of your bankrupt state. This is one good way to buy some time until you can legally show that you are again employed or have a source of income.
Deed in Lieu: This is one good way where you can hand over the property rights to the bank, and this way also the lender will not be able to continue foreclosure. Though this may turn off the lender for a long time, yet the process actually is as bad on your credit score as the foreclosure could be.
Leasing the property: This option, is also often used by the property owner. You have to find another buyer who will but the property from you, and your lender will inquire about the second party, and till the time the property is bought by the second party, and the money is paid by them, the foreclosure can be halted.
Filing Litigation: This is one of the last resorts to halt or pause a foreclosure. You can simply file a case against the lender stating about a loan fraud. If you can prove the case in court, you will win and foreclosure will be stopped. But if the lender is not guilty then also you may get some time to think and arrange an alternative.
How to win the situation
Whether you file a bankruptcy or a litigating, there is a huge role of law there. Therefore you must be prepared with full consultation with able mortgage fraud attorney. Consumer Action Law Group has leading attorneys that defense homeowners from mortgage fraud. Anyone who lives in California can hire them to represent you.