Vance P. Truman, Attorney at Law
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330-591-4729

Do you know how to stop the foreclosure process?

If you have fallen behind on your mortgage payments, you shouldn't be surprised if you receive a notice of foreclosure from your lender. Although it's scary, it doesn't mean your lender will show up at your home tomorrow and take it back. You still have time to make things right.

The key to saving your home from foreclosure is to understand your options. Once you know what to do, you're in position to take action.

Before we discuss some of the best ways to stop foreclosure, there's something you should know: There's never a good time to hide from your lender. If you do this, it's only going to complicate your situation.

Here are a few of the best ways to stop foreclosure:

  • Foreclosure workout: This begins when you contact your lender to discuss your situation and options moving forward. It's a myth that lenders enjoy the foreclosure process. In fact, they actually want to avoid this as they often lose money in the long run. There are many types of workout, such as your lender agreeing to tack missed payments onto the end of your loan.
  • Short sale: This is when your lender agrees for you to sell your home for less than what you owe. You don't get to stay in your home if you go down this path, but you can avoid foreclosure and the consequences attached to it.
  • Bankruptcy: A bankruptcy filing will immediately stop the foreclosure process. Once you file the paperwork with the court, the law prohibits debt collectors from pursuing collection activities. However, this is only a temporary solution. You'll then need to use bankruptcy to improve your finances and catch up on back mortgage payments through a repayment plan.

The way you decide to stop the foreclosure process is up to you. The most important thing to remember is that you have more than one option. This makes it easier for you to find something that suits your current situation and future financial goals.

As bad as things seem, never lose sight of the fact that you have legal rights. By protecting these, you can stop the foreclosure process with the idea of improving your finances and staying in your home indefinitely.

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689 Lafayette Rd.
Medina, OH 44256

Phone: 330-591-4729
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