Foreclosure On Home - Can I Legally Avoid Foreclosure?

This article discusses if and how to legally avoid a foreclosure.  It contains some tips on how to go about legally avoiding foreclosure that you may not be aware of.

Foreclosure is not an easy thing on all fronts. However, finding out where one does stand legally in order to avoid it can help the situation a great deal. It can also assist an individual in finding an alternative to just outright losing their home. Therefore, it is vital to gather up as much data as one can to get an answer that will make a positive difference directly.

Can foreclosure really be stopped?

The question that would plague anyone's mind that is going through foreclosure is obvious. Can foreclosure really be stopped once it has been started? Are there any legal ways to go to avoid foreclosure? Can I legally avoid foreclosure?

Foreclosure can prove to be a very devastating thing both personally and financially. Therefore, if you want to truly keep your home. You will have to do your very best to fight for your home and find some course of action to stop the foreclosure before it stops you. Your mortgage payments must be your first priority more so than anything else must.

Not only are there legal avenues to help you to avoid foreclosure. Nevertheless, there are also local and government organizations that can help you out too. These organizations will assist you as much as they can with how to get through the difficult times.

One of the biggest problems that people do experience is money problems. Money problems occur with anything that can bring out about a major change in one's lifestyle. Some of these reasons include the following:

  • The loss of job
  • Retirement
  • Illness or a death in the family
  • A divorce or separation
  • A major reduction in work hours and or overtime

These major life changes can afflict one's overall income and their ability to meet their mortgage payments and other bills on a monthly basis.

Something that can easily result in the happening of a foreclosure unless you recognize the problem for what it is ahead of time before it does get out of hand. If you cannot make your mortgage payments each month, the very first thing to do is to advise your lender of what is going on.

Lenders would also like to avoid foreclosure and you losing your home for their own reasons. Some of their reasons are that foreclosure is a very costly procedure for them to go through. The same thing applies for mortgage insurers and investors in addition.

They are also required by HUD and other private mortgage insurance companies and investors to help you if you are indeed facing money troubles.

 

The legal highways to avoiding foreclosure

First, you need to be aware or become aware of some important points, where the legal highways to foreclosure are concerned. One of paramount of all these are evident and that is your knowledge about your legal rights as a borrower and they pertain to both you and the foreclosure you may face. This also includes the right legalities that your lender needs to follow when beginning a foreclosure.

Here are some legal things to look for. Should a foreclosure end up coming your way, they are as follows:

  • Determine if the person or entity who has filed the foreclosure against you the lender is on the deed of trust
  • Did the lender of the Order Authorizing Sale hearing notify you, because you must be notified first before a public trustee of any kind can sell your property