Top 5 Ways To Stop Foreclosure

No one wants to deal with foreclosure. It is not only damaging to your credit, it also means you are getting your home taken away from you. No one wants this. That is why it is extremely important to consider working with someone who can provide options to stop this process from happening.

Preventing foreclosure can be done, but you have to act quickly. You do have some time to work everything out, as a foreclosure process can be time-consuming and might take months to complete. At the Law Offices of Scott R. Schneider, we can work with you to get back on track so that we stop foreclosure from happening, especially if you are close to having it done but are still ahead enough to catch up.

1. Declare Bankruptcy

Declaring bankruptcy is one of the best ways to stop foreclosure. Once you file for bankruptcy, your case will be presented in court. The court could grant you a stay on the property, which gives you a three- to five-year grace period to pay off your debt. You could also get the opportunity to modify the terms of your loan and increase your chances of paying off your debt and avoiding foreclosures.

2. Sell Off The Property

Selling your property is a great way to avoid foreclosure, although this means you lose your property. Still, your loss will be limited. If you get a good buyer, you will be able to pay off your debt and have some extra money to rent housing.

You can consult with a reliable local real estate agent to learn more about how this solution can benefit you. 

3. Speak To Your Lender

Speaking to your lender might be the solution you need. You could reach a deal with your lender on the payment of your debt. You could also reach an agreement with your lender to modify the terms and conditions of your loan.

4. Consult A Bankruptcy Lawyer

A bankruptcy lawyer can help you stop foreclosure. A bankruptcy lawyer is familiar with foreclosure cases and should be able to give you legal advice on how to go about the issue. Your lawyer will review your mortgage deal and check for legal loopholes that might help you buy more time for payment or reduce your debt.

5. Consult a Financial Adviser

Your banker or other financial adviser can also help you stop foreclosure. Your banker could grant you loans or develop other options to generate income to settle your debt. They can also provide you with information on how to cut down your expenses, which will help you save more and help you stay out of debt.

If you’re struggling to make ends meet and have fallen behind on your payments, it may be time to contact the Law Offices of Scott R. Schneider at +1-516-262-6493 for help with bankruptcy relief options. We can walk through all of your legal rights and responsibilities during a free consultation appointment so that you know what steps are best for you in this challenging situation. Contact us now!

The  Law Offices of Scott R. Schneider Serves the New York communities of Hicksville, Jericho, New Cassel, Bethpage, Levittown, Plainview, Westbury, East Meadow, Syosset, North Wantagh, North Bellmore, South Farmingdale, North Merrick, North Massapequa, Uniondale, Wantagh.