What is Foreclosure?

Foreclosure is a legal process in which the lender tries to get the borrower (who has failed to make a mortgage payment for a period of three months or more) to pay back the rest of the loan. This is accomplished by forcing the borrower to sell the asset used as collateral (something pledged as security for repayment of a loan). Ultimately, the ownership of the property is transferred from the homeowner to the financial institution or other lenders responsible for providing the loan.

Stopping Foreclosure

There are many ways to stop foreclosure altogether or delay it for some time. The first step, which is also the most apparent, is to keep up with your payments and catch up if you fall behind by one or two months—the sooner you get started with one of the other alternatives, the better your chances of avoiding foreclosure. Finally, don’t hesitate to contact your mortgage lender; foreclosures cost financial institutions a lot of money, and they want to prevent them at any cost.

Last-Minute Strategies to Stop Foreclosure

If you’re already behind on your mortgage payments and there’s nothing you can do about it, you might still be able to save your property from foreclosure by following these last-minute strategies:

• First, file for bankruptcy to immediately stop the property sale.
• Second, file a lawsuit if your bank uses a no-judicial process.
• Third, apply for a loan modification or other avoidance alternatives.
• If nothing works, you still have a final option. Read below.

Sell Your Property to SellMyBuildings

Now that you know what you can do to save your property during foreclosure, it’s time to discover another possibility: sell your property to SellMyBuildings at a speedy cash transaction with no fees and absolutely no fuss. The Founder and CEO of SellMyBuildings, Doron Nissim, have been in the real estate industry for over 12 years and is familiar with every nook and cranny of foreclosures. Wondering how we can help you during this tough time? Visit www.sellmybuildings.com.