Even though the housing crisis has ended, there are still many people facing foreclosure. There doesn’t have to be a housing bubble for there to be a problem with foreclosures. There are many people that haven’t been affected by the past housing crisis that have had changes in income and, as a result, they are currently facing foreclosure on their home. Fortunately, there are effective and legal ways to stop foreclosures in Gainesville.
The first thing a person will need to do is to speak with an attorney. Usually, the best-suited type of attorney to handle this particular situation is a bankruptcy attorney. However, just because a person is meeting with a bankruptcy attorney doesn’t mean that they are going to file for bankruptcy. While it is true that bankruptcy can help stop a foreclosure, it may not be the best option for everyone.
In some cases, an attorney can negotiate on their client’s behalf to renegotiate the terms of their mortgage. Often times, this is successful because banks don’t want the owner to default. In these situations, the home becomes the property of the bank and it’s one more thing they have to spend money to upkeep in hopes of potentially selling the house at a later date.
There are other times where an attorney can speak with the mortgage company to petition them for leniency. This sort of leniency can help a homeowner catch up on missed payments and avoid the foreclosure process.
However, if none of these options are plausible or appealing, a person may be able to avoid foreclosure by selling their home. Agreeing to a short sale, with the lender’s blessing, may persuade the lender to forgo the expensive and time-consuming foreclosure process.
There are many ways to stop foreclosures in Gainesville. They may require a bit of work and there may be difficult decisions to make, but to avoid the financial blemish that foreclosures can have on a person’s credit score for years to come, these methods may be necessary. To learn more about preventing or halting an existing foreclosure, you may want to visit Chriscarouthers.com.
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