If you fail to make your mortgage payments on time, your lender will file a Notice of Default (NOD) that jumpstarts the foreclosure process. Looking at the numbers and late fees you owe, it might feel impossible to catch up. After all, the main reason why people default on their home loan is because of financial stress. 

While it might seem like the odds are stacked up against you, there are ways to stop a foreclosure. Here are seven of them.

1. Contact your lender. 

The first thing you’ll want to do is contact your lender. Don’t ignore the phone calls and mail that are being sent your way. The sooner you contact your lender, the sooner you can learn about options that may be available to you. Most lenders have programs for people going through hardships. 

2. Know your mortgage rights. 

Find your loan documents and read through them to know what your lender can and can’t do when you don’t make your payments. Also, familiarize yourself with the foreclosure laws in Nevada, as each state has different protocols. 

3. Contact a foreclosure expert. 

For an objective view of your status, contact someone who specializes in foreclosures. We Buy Any Vegas House will be happy to speak with you about your circumstances. We can buy your fixer upper in Las Vegas, stopping foreclosure and protecting your credit. Many of our customers are able to pay off their mortgage and have cash in their pocket! 

4. Do a short sale. 

After your lender files an NOD, they have to consider any reasonable offers that you get from a new buyer. After all, if you foreclose, the lender will just turn around and sell your home. The quickest and easiest way to get an offer is by working with a cash buyer in Las Vegas. You can present this offer to your lender and they may accept it. 

5. File bankruptcy. 

Bankruptcy stops foreclosure in its tracks. Once you file for bankruptcy, it stops any debt collectors from continuing their collection activities. That said, bankruptcy often buys you time and doesn’t let you off the hook. You’ll still have to repay your missed payments. 

6. Sign the deed over to the bank. 

In some cases, it might make sense to sign the deed of the home back to the bank. Unfortunately, this option has the same effect on your credit score as a foreclosure. Lenders are often hesitant to accept the home back, but it may be worth a try depending on your circumstances. 

7. Use your assets.  

Lastly, consider some of the assets you have available that you can sell for cash – jewelry, antiques, rare collectibles, etc. You can use the cash to reinstate your loan. This at least shows the lender that you are trying to keep your home.

The foreclosure process can be long and tedious, plus negatively affect your credit score and ability to finance a new home in the future. To learn about ways you can stop the foreclosure process and pay off your home, contact We Buy Any Vegas House. We can go over your options – it’s free and no obligation!