Current Client? Pay Now
${site.data.firmName}${SEMFirmNameAlt}
Practice Areas

3 strategies for stopping foreclosure

If you are consistently missing your mortgage payments, you are probably in panic mode. The worrying gets even worse when you receive a notice of default from your lender. At this point, you probably assume losing your home is inevitable. 

Even if you are at this stage, you may still be able to keep your house. Here are some foreclosure defense methods you can try so you can stay in your home.

1. File for bankruptcy

According to Zillow.com, filing for bankruptcy is one of the most effective ways to prevent a foreclosure. As soon as you file for bankruptcy, the foreclosure process comes to a screeching halt. When you declare bankruptcy, an automatic stay goes into effect that stops your mortgage lender from collecting its debt. While a lender may try to appeal this decision and lift the motion, bankruptcy will at least delay the foreclosure process from continuing.

Chapter 7 bankruptcy will also free you of personal liability for any mortgage debt. On the other hand, Chapter 13 bankruptcy will restructure your mortgage payments and help you remain in your residence. 

2. Attempt to modify your loan

When you are in deep trouble with your mortgage, you may want to reach out to your lender and apply for a loan modification. Foreclosure cannot take place while there is a review of your modification request. If you are successful, you may be able to reduce your monthly payments or find another way to get out of your mortgage. 

3. Sell the home

A short sale may be an option if your lender agrees to take the amount resulting from the sale rather than the full amount of the debt owed. This is one strategy if you have more debt than what your home is worth. While this stops you from going through foreclosure, it will obviously not help you keep your home.

No Comments

Leave a comment
Comment Information

It's Time To Contact Us For A Free Consultation. Se habla español.

Request a free meeting with an experienced lawyer now »

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Visit our offices / follow us

West Palm Beach Office
2001 Palm Beach Lakes Blvd
Suite #410
West Palm Beach, FL 33409

Phone: 561-328-0726
Fax: 561-689-6767
West Palm Beach Law Office Map

Port St. Lucie Office
201 SW Port St. Lucie Blvd
Executive Suite #2
Port St. Lucie, FL 34984

Phone: 772-344-9090
Fax: 772-236-5482
Port St. Lucie Law Office Map

Vero Beach Office
Miracle Mile Plaza
601 21st St.
Vero Beach, FL 32960

Phone: 772-453-2700
Map & Directions

For your convenience, we also have satellite offices in Ft. Pierce, Boca and Ft. Lauderdale.

back to top