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Stopping foreclosure: Avoid losing your home with these options

If you've received a foreclosure notice, you may think that the end of your time as a homeowner has been decided. However, it's important to know that you can fight a foreclosure and stop the foreclosure process in a number of ways.

For instance, if you can work out a way to catch up your mortgage before your home goes to auction, most lenders would prefer you do that. When a home is sold as a foreclosure, it's less likely to earn back the amount you'd be spending with continued payments, making the home a higher risk for the lender.

A short sale is another possibility. You can try to sell the home for its fair market value, even if you owe more than that. If you get an offer, it will need to be approved by the lender; the benefit is that you won't have to make up the difference between the purchase price and what you owe.

Bankruptcy is another solution. There are two kinds that you may want to consider, Chapter 13 and Chapter 7. Chapter 13 bankruptcies allow you to settle debts by paying them back over the course of three to five years, depending on your circumstances. Chapter 7 bankruptcies are liquidation bankruptcies. These can help you get out of debt by allowing you to sell items and negotiate debts down. Your attorney can help you figure out if your home is exempt, so you can keep it, or if you can reaffirm the mortgage debt and continue paying on it after the bankruptcy is complete.

Source: HGTV, "5 Ways to Stop the Foreclosure Process," accessed July 11, 2016

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