Understanding foreclosure defense

How can I avoid or delay foreclosure?

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The best way to avoid foreclosure is to remain current on your mortgage payments. However, if this isn’t an option for you, the next best thing you can do is slow down the foreclosure process. Delaying foreclosure buys you time so you can explore all of your alternatives, like loan modification, bankruptcy, and short sale.

The sooner you act the more options you’ll have. We highly recommend a free consultation with our attorneys to learn more about the options available to you, which may include:

Reinstatement of mortgage

You can stop the foreclosure process by paying all outstanding mortgage payments, plus any fees and penalties.

Declare bankruptcy

Filing bankruptcy imposes an “automatic stay,” which immediately puts foreclosure proceedings on hold. In fact, bankruptcy can completely stop the foreclosure process if you are able to keep up on mortgage payments.

Apply for a loan modification

You might be able to slow down or stop the foreclosure process altogether by applying for a loan modification. If eligible and approved, you could successfully negotiate an adjusted interest rate and mortgage payment amount.

Contest the foreclosure

This option likely requires an attorney to help you in court, but you may discover grounds to contest the foreclosure.

Use the maximum time allowed

You may be able to prolong your foreclosure by waiting until the last minute to file paperwork and respond to notices. This is a bit tricky, because you don’t want to wait too long, otherwise you may lose your rights to certain protections afforded to you by the law.

Short sale

Some lenders may suspend foreclosure proceedings if you intend to pursue a short sale. Lenders don’t always approve short sales, but it could get you out of financial trouble without the black mark on your credit that a foreclosure would bring.

Other popular foreclosure defense questions

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