A foreclosure proceeding is not just losing your property but also includes huge fees for lawyers, court fees and procedural expenses. There are plenty of reasons why one should try and avoid a foreclosure proceeding on their property. You can legally put an immediate stop to the foreclosure proceedings by either filing a restraining order, suing the lender or by challenging the validity of the debt in a court of law. Alternately you can also attempt to sort out the debt by getting in to an arrangement with the lender.
The following are some of the options to pursue in order to avoid foreclosure:
1. Loan Modification - Where you modify the terms of the loan that can reduce the amount of mortgage payment for the time being could a way to avoid foreclosure proceedings.
2. Loan Mitigation - Where arrangements are reached between the lender and the borrower with the aim that neither party loses out completely. Often properties seized by foreclosure do not get good price and the bank or the lender is actually at loss.
3. Filing for Bankruptcy By the borrower filing for bankruptcy, this is also a way to avoid foreclosure. It will then be up to the court to auction the house and assets of the bankrupt individual to settle debts. Taking these proceedings in one's own hands means expenditure towards legal procedures.
Today there are many websites that specialize in avoiding foreclosure. They have trained professionals with whom you can connect and they will in turn negotiate a deal with your lender.
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