Facing Foreclosure? What it Takes to Delay Foreclosure

“Foreclosure”. It’s a small word, but brings to mind big fears for most homeowners. When the economic downturn hit in 2008, many homeowners were faced with what they felt was the impending doom of having their home foreclosed on. The feelings of shame and anxiety of potential homelessness left many who bought homes at the height of the market with a home they could no longer afford. While foreclosure allows lenders to legally take possession of your home if you do not pay, there are ways that homeowners who have become mired in this potentially life-changing situation can delay foreclosure and stop it from happening ever again. If you’ve found yourself in this unfortunate situation, here’s what it takes to delay foreclosure.

No foreclosure is immediate. Failure to pay a mortgage must have occurred over a relatively extensive time period. For major home mortgage companies such as Nations Bank, that time period is 120 days, or approximately 3.5 to 4 months. Before that time period elapses, ensure that you are fully aware of your own financial situation. If you know that you will not be able to pay your mortgage, and that you will not be able to earn enough to make your mortgage payments current, you may think your first step may be to file for bankruptcy, but that is usually the worst option and can haunt you for many years.

Filing for bankruptcy will move the court to issue an “automatic stay”, but this is only a temporary measure to delay foreclosure. This is a court-ordered injunction that halts actions by creditors, at least for a few weeks. Those few weeks or months could be exactly what you need in order to get your mortgage payments up to current, or to hopefully continue negotiating alternative terms with your lender to avoid the foreclosure. These negotiations can often be often be difficult for an individual; hiring a good lawyer who specializes in real estate may be one option you will want to consider. While it will certainly cost you money to do so, the price of losing your home and your livelihood will likely be worse.

A better option for many homeowners trying to delay foreclosure is to contact an organization like Save My Texas Home. We offer free evaluation and free hands on assistance to not only delay foreclosure, but make sure you never have to worry about that nightmare ever again. Fill out the form or call 512-271-5044 for fast attention by professionals who can show you the options that are best in your situation. Our services are always free and the final decisions are always up to you.

Facing foreclosure is any homeowner’s worst nightmare. If you do find yourself in this very unfortunate situation, ensure that you are exploring all options. Homeownership is considered part of the American Dream. Being vigilant and doing what it takes to delay foreclosure is necessary to safeguard your hard won home. If you are having trouble, contact Save My Texas Home for free guidance today.

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