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Stop Foreclosure

Posted on April 18 By MLP Lending Guide

If you ever find yourself in foreclosure, there are a few smart moves you can make in order to avoid the process. First of all, you should set up a meeting or phone call with the lender and take a mortgage expert along if at all possible. Make sure that their foreclose is legitimate and contact the appropriate state and local offices to verify their claims.

Assuming everything about the foreclosure process is legitimate, you should next consider a deed in lieu of foreclosure. This deed instrument results in the same outcome as a foreclosure, but the process is much more simple. By taking this route, the borrower avoids public disclosure of foreclosure and is immediately released from most or all obligation to the lender. The process is easier for lenders as well and they will often offer much better terms than they would for a conventional defaulted loan.

There are a few stipulations related to obtaining a deed in lieu of foreclosure. First of all, your real estate must be collatoral for the real estate that is to be transferred. From a legal perspective, all parties must enter into the agreement voluntarily, in good faith, and only with consideration greater than or equal to the market value of the property. Most of the time the lender will not continue the process if the market value is greater than the borrower's debt.

Lenders rarely suggest the deed in lieu of foreclosure process because the instrument is required to be voluntary. Submit a written offer and it is likely that the lender will be interested in exploring that option. For more information about foreclosure please visit the HUD's Foreclosure Website.

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14 Responses to "Stop Foreclosure"
  1. Snabba Pengar 21, Jun, 2010

    Finding good financing options for buying an apartment has always been a difficult task. Financial institutions tend to have very difficult criteria at times for granting apartment loans. It is not that apartment loans are not available but one needs to be careful in distinguishing the right financing option from the bad choices.

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  2. Lupe Poat 27, Apr, 2010

    Very informative article. I've found your site via Bing and I'm really happy about the information you provide in your articles. Btw your sites layout is really broken on the Chrome browser. Would be cool if you could fix that. Anyhow keep up the great work!

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  3. Billiga Lån 30, Mar, 2010

    Loans are the best life savers. I once took a loan due to a fire damage that had brought me a great loss of property. For sure, I had no possible way to recollect myself. In fact I had totally lost hope on life. The loan that I took managed to replace a few impairments and I suddenly began getting back on my feet.

      Reply»  
  4. I Received My FHA “Foreclosure Warning” Letter — Mortgage Loan Place Blog 13, Jun, 2007

    [...] To learn more about ways to avoid foreclosure, contact one of the lending experts at Mortgage Loan Place today. Sphere: Related Content [...]

      Reply»  

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