Foreclosure is everywhere. Utah has now reached number 5 in the most foreclosures in the nation, and of coarse Salt Lake City is leading that number. There are ways that you can stop foreclosure in northern Utah, but you must act now. Find the top 3 ways that would work best for you and start pursuing them today. I suggest 3 ways because then you will have 2 back up plans.
1. Save up and get current on the mortgage by paying back the payments. You may be able to do this by getting a loan from friends or family, or tapping into your IRA account, or your 401K account. Those associated to you know that your situation is not your fault and most will be willing to help you Stop Foreclosure.
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2. Work with the lender to put together a repayment plan. This is what most lenders are doing for the people who are actively trying to stop foreclosure. This is where the lenders understand your situation, and they still believe that you are a good investment for them. They feel that you just had a hiccup in your financial situation and so they add the money that you owe back to your loan and you pay them back over time. The lender wants to stop foreclosure as much as you do.
3. Work with the lender to modify the terms of the loan. This is where the lender forgives some of the balance of the loan to lower your payments, they may also alter your interest rate to lower your mortgage payments, or they may increase the length of your loan. This is a great situation for you if your lender is willing to do this.
4. Refinance. This may be a good option if you don't like how your loan modification came out. By refinancing you are asking another lender if you're still a good investment for the bank. If they agree then they will finance your home through them and the loan that is foreclosing on you will be paid in full, thus stopping your home foreclosure.
5. Bankruptcy. This is a temporary fix in most situations. You can stall your foreclosure for up to 2 years in some cases by continually declaring bankruptcy. The time that you stall your foreclosure may be enough for you to financially get back on your feet, but this hurts your credit almost as much as a foreclosure and the interest that you will be paying on back payments for the mortgage will be outrageous when the bankruptcy is over. Many bankruptcy attorneys will suggest a short sale because the whole point of bankruptcy is to get rid of debt and a short sale or selling the property outright is the only way to get rid of your mortgage without going into foreclosure.
6. Sell outright if the property is worth enough. You have a limited amount of time to do this if this is the route you wish to use it to stop foreclosure. To pursue this route you will have to discount your house greatly and probably sell it to an investor or one of the we buy houses ads.
7. Short sales. This is where you get the bank to take a discount on your mortgage. You find a buyer for your house. The buyer will want to buy your house for less than you owe on it. You will submit the offer into the bank and they will credit your mortgage as paid in full. It is important to do your research in finding someone to help you do this. They should not charge you anything and they should have done many of these before. Usually your best bet is to contact an investor who specializes in short sales to stop foreclosure.
8. Deed in lieu of foreclosure. This is where you just give your house back to the bank. This saves them money by not having to file foreclosure and it helps your credit. Usually, this is not your best option to stop foreclosure, but it still may be an option. Not all mortgage companies will do this though.
9. Do Nothing. Sadly this is one of the more commonly pursued options, and it is the worst option of all. This does not stop foreclosure at all. The people who do nothing get hurt financially, and the sheriff will show up at your doorstep one day and evict you from your house in front of all your neighbors. If you are reading this article then this probably will not happen to you because you are taking action to stop your foreclosure.
For more detailed information on the fastest ways to stop foreclosure, download my free report. You can pick it up at http://www.StopForeclosureNorthernUtah.com
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