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Can You Stop a Foreclosure Once it Has Started

Buying a house that you have worked hard on, and saved money for, is probably one of the satisfying achievements a person could get. Your responsibility as the homeowner is to pay whatever’s due and make sure that you pay on time. But what happens when you miss a payment? Then, you miss another payment, and another payment. Soon, it all piles up and you can’t catch up with your dues. What do you do then? Worse-case scenario is that your house will be repossessed by the bank and foreclosed it! Don’t take that situation lightly, it’s a big problem! But how severe is foreclosure? How can you stop it?

What is Foreclosure?

The word foreclosure in real estate can be defined as: The legal process where a lender (usually the bank) can acquire or repossess a house and sell it so they can recover the debt owed. The lender has the right to take it once you fall short or refuse to pay your monthly loan payments. This will then start the process of foreclosure. Keep in mind, if you have missed three mortgage payments, you will be given a notice of default or NOD, but you really don’t want to receive any of those, do you?

Can You Still Stop it?

home for sale

Of course you can stop foreclosure! Usually, you have a few options to take while it is still in the pre-foreclosure period. This way, you can avoid losing the house you have worked so hard for. So, what exactly do you need to do? Here are some tips for you to follow:

Working out a compromise – Basically, what you need is to make a foreclosure workout. This means, your lender should give you a period where you can get back on track on your mortgage payments rather than taking it as a foreclosure. If you can keep up and pay what you owe, then they won’t take your house.

House Counseling – When you are in pre-foreclosure, you must contact a home counseling agency approved by the HUD or Department of Housing and Urban Development. There are counselors in these agencies that could help you with the foreclosure process. They will then contact the lender and offer a repayment plan or solution that could help your situation. Most of the time, these agencies don’t charge you any fees, so you might as well connect with one and see what they can do to help you out.

Short Sale – This is the time after the lender or bank files for a notice of default. Say a buyer offers to buy your house, this offer should be considered by your buyer because once your lender forecloses your house, they will just to resell it. However, if the offer is reasonable, present them a short sale. They will see this as time saved for them and lesser effort to find a buyer. So, if your lender puts your house in the market, make sure to look for buyers even after its been foreclosed.

File for bankruptcy – This will definitely stop the foreclosure process in its tracks. The bankruptcy petition will stop any debt collectors, which includes your lender; preventing them from any collecting activity. So, this means that your lender cannot do anything and your foreclosure will be frozen once your lender is notified. However, there’s a catch. The petition is just a mediator between you and the lender. In short, it will just buy you more time to replace or recover from your temporary financial instability, but don’t be too confident. This will not let you off the hook yet. You must have a reasonable payment plan to offer your creditors so you can get back on track. Make sure to consult with a good lawyer if this is the path you would like to take and if this is a good strategy to use.

Have your house on lease-option or assumption – You can ask your lender if they can modify your loan. They will assess your new buyer’s credentials and qualifications if they can assume or take over your payments. If they prove this, it’s a win-win scenario. You can even ask for a down payment from your new buyer so you can pay your overdue bills in mortgages. Keep in mind, that in this case, your new buyer becomes your tenant yet you still continue owning the house until the buyer can save enough money to pay off everything. Make sure you negotiate the lease payments too so your mortgage is covered. A good lease agreement can even help you pay your insurance and property taxes, so make sure you got everything covered with this type of arrangement. Doing this can help you with your foreclosure.

Have a Deed in Lieu – This deed allows the owner to sign and voluntarily return the house to the bank. Sounds good right? It will stop the bank or lender from foreclosing your house, but this will also affect your credit score. Lenders are not thrilled with this case as they fear that the homeowner will file for a case against them claiming that they don’t know what is going on and plenty of other reasons. You can’t really blame the lender though, there are plenty of cases showing that homeowners are faking their financial decline so they can avoid the foreclosure. However, if this is really your case, you can always do this to stop lenders from taking your house.

Sometimes we cannot avoid missing our mortgage payments. This is true when we face certain emergencies and we have to end up using the money intended for our mortgages. However, if you keep missing payments, then it is a sure ball that the bank or your lender will take your house for foreclosure. So, while you can freeze or stop this process, make sure that you do everything you can to make your payments on time. Find an extra job if you have to, create a side business, save money, and make sure it is intended for your mortgage payments. In short, you can avoid foreclosure! You can pay your dues. You can and you will! It’s just a matter of mindset and determination. Give it a try and you will see that we’re right, good luck!

Ricki Irwin
Ricki Irwin
00:06 24 May 19
This was so easy Casey was very helpful and kept in contact through the entire process thank you again for everything. Highly recommend this company.
Lela Leedham
Lela Leedham
03:08 22 Feb 19
Great experience working with Casey and Ryan. We would recommend them anytime. They are very knowledgeable and very professional.
Emily Binder
Emily Binder
21:16 18 Feb 19
Jennifer Gibbs
Jennifer Gibbs
19:58 18 Feb 19
A very impressive operation. Very professional and knowledgeable. They follow up when they say they will. Very helpful Team. If you're looking for a fast and fair cash offer on your home, these are the guys to call!
Mario Elizondo
Mario Elizondo
19:58 18 Feb 19
Very professional and a pleasure to work with.
Danny O'Bannon
Danny O'Bannon
19:53 18 Feb 19
I called 5 different companies from google trying to find a company that would pay the most for my rental and their offer was higher than the others. Extremely streamlined process. Easiest transaction I’ve done
Ross Greene
Ross Greene
18:04 17 Feb 19
Ryan & Casey were great to work with! Absolute pro's in the business. I would definitely recommend them. If only I could give them more than 5 stars. Hope to work with them again soon! Thanks guys!
Pam Dickerson
Pam Dickerson
23:53 15 Feb 19
Excellent customer service! Helped us through the entire process. Highly recommend!
steve Balsacker
steve Balsacker
19:35 14 Feb 19
Me and my wife had gone through a divorce and we wanted a quick way to get rid of our property so we could just move on with our lives, Thankfully Ryan came in and helped us out, I didn't have the time to deal with the headache of people coming in and out as well as all the repairs that were needed. He gave me top dollar for my home and I was out in 7 days!
jason almeida
jason almeida
16:52 14 Feb 19
We have seen their signs around town and thought it was a scam, we decided to give them a call and I couldn't have been happier with our experience. They were professional and knowledgable, they paid for all closing costs and even helped with our family move. Great guys and great company! Thanks again!
Peter Floratos
Peter Floratos
04:51 14 Feb 19
This team handles their business right. They are a pleasure to work with.
Tyler Hubbs
Tyler Hubbs
04:38 14 Feb 19
Ryan and Casey treated me with patience and respect during the whole transaction! Very trustworthy and explained each and every question I had!! I would highly recommend We Buy Any Vegas House!!
Dennis Ripley
Dennis Ripley
03:55 14 Feb 19
Very professional and very knowledgeable from start to finish. They went above and beyond to help me find what I was looking for. I would definitely recommend them.
Avraham Metal
Avraham Metal
01:58 14 Feb 19
As a Real Estate Agent I have sold properties to Casey and his Team. They are men of their word and have never let me down.
Dena Shapiro
Dena Shapiro
01:29 14 Feb 19
What an AWESOME experience!! Casey and Ryan are THE BOMB!! They either answer their phone ALWAYS or respond within minutes. They originally called to see if I wanted to sell but I wasn't interested in selling. However, my neighbor had to sell immediately so I referred them to her, she accepted their offer & they closed escrow within weeks. It would've been A LOT sooner but there were delaying issues on the seller side. Anyways, they got it closed & EVERYONE is happy!! Thank you so much Casey & Ryan :). YOU'RE THE BEST!!!
Ron Lorenzo Woods
Ron Lorenzo Woods
00:51 14 Feb 19
Great team with quick and professional service!
karina giraldo
karina giraldo
00:36 14 Feb 19
Knowledgeable, fair, and professional. I loved working with Casey. I did my research before selecting a company, and I’m so happy I went with them!
Cody Raynoha
Cody Raynoha
00:27 14 Feb 19
Casey runs a great company that's honest, easy to deal with, and is always fair. I'd absolutely work with him again!
Whitney Carter
Whitney Carter
21:42 08 Feb 19
Grateful to have worked with such a great company! Long story, short they really did help me through a tough time. No need to get into details, but this company really knows what they are doing. Thank you for all of your help with my home. Highly HIGHLY recommend!
Alan Giblin
Alan Giblin
23:01 07 Feb 19
I was shocked when I heard that We Buy Any Vegas House could sell my house so fast without any fees or charges at all. Thanks again guys!
Crosbey Proffitt
Crosbey Proffitt
22:48 07 Feb 19
I started off using a realtor thinking that I would be able to sell my home fast, but that wasn’t the case. I ended up reaching out to different companies and I ended up finding We Buy Any Vegas House. They were on it the second I reached out to them and were able to sell my home fast!
Investors
Investors
18:59 07 Feb 19
I have been in Real Estate for many years, it’s so refreshing to meet such professional, kind people to work with. We Buy Any Vegas House has great employees who are responsive and get things done quick. You can tell they have a true passion for what they do. If you are looking to work with a great team and you want to sell your house quick, I highly recommend this group!
Scott Henry
Scott Henry
18:53 07 Feb 19
We Buy Any Vegas House truly is one of the most reliable companies I have worked with. You can really tell that Casey and Ryan really care about what they do and really want to make you feel comfortable in the process. Thank you for all your guys help!
Ashlyn Mazur
Ashlyn Mazur
21:26 02 Nov 18
Most professional real estate company I've ever worked with! Would for sure recommend them!
Ashley Thompson
Ashley Thompson
18:59 02 Nov 18
I called 3 different companies and Casey was the most responsive. His offer was higher than the other ones as well. I really liked that they were a local company and everyone who helped me in the process was great to work with!
Katrine Baker
Katrine Baker
18:39 02 Nov 18
My mom and I had to move out of our house pretty quickly due to her martial differences. They were honest and extremely professional during the process and we are forever grateful to have worked with such a great company! Highly recommend!
Gregory Mitchell
Gregory Mitchell
00:26 01 Nov 18
Unfortunately, I never thought I would see myself having to get rid of my home, especially in a fast time frame. However, life happens, and I needed to sell my home quickly due to a death in the family. I reached out to 4 companies in Las Vegas, and We Buy Any Vegas House not only was the most efficient, but the friendliest, most reasonable, and compassionate. The other 3 companies did not even compare. Casey and Ryan have gone above and beyond to make sure that this worked for me. They truly care about you, which means a lot especially during a tough time. They put in the effort to care about the client first, as well as my family during this tough time. I am so grateful to have found them, and to top it off, they bought my house and put cash in my pocket in 7 days. Would recommend to all! Use this company, you can't go wrong! Thanks to Casey, Ryan and John!
Samantha Bonneville
Samantha Bonneville
00:23 01 Nov 18
We buy any houses is one of the most honest companies I have worked with. They are always upfront with issues of the houses, honest with fees And closings. We have not had a bad experience after 10+ Transactions
Alyssa Trent
Alyssa Trent
23:08 31 Oct 18
I worked with them to help my Mom sell her house and they were so amazing!! They explained to us exactly how everything worked step by step. I called them on a Monday and they got us cash by Thursday. Casey is such a genuine person.
Robert Johnson
Robert Johnson
22:10 31 Oct 18
After a tenant trashed my rental property, I was faced with the decision of remodeling or selling the property in its current state. I called Casey and he walked me through the entire process, start to finish. After factoring in the amount of time and money the remodel would take, it was clear that selling to them was the best decision for me. Within a week of my first contact with Casey and his team, we closed on the property and I had cash in hand. I'll definitely be reaching out to them in the future. THANKS!!!
Corey Trent
Corey Trent
02:33 31 Oct 18
I reached out to Casey and Ryan when I needed to sell my house. They were very professional and helped me through this tough time. They were able to buy my house and close fast. What a great team they are! I would recommend them to anyone. Thanks again!
John Washington
John Washington
02:24 31 Oct 18
As a very skeptical person I always believe that my best interest is not priority when dealing with people that want my business. I cannot name the countless times that I have been burned. After looking to sell my house for a cash offer, I was called by a lot of investors, most of which had very little customer service. Several didn't return call when they said they would and then when they finally called me back, they got anger when I decided not to use their Services. From day one Ryan not only treated me like is #1 customer but also treated my whole family like long time friends. I most also state that his offer wasn't even the highest. I took the lower off with him due to the fact that he help with crucial tax situations that I needed taken care before receiving them money so it wouldn't bit me in the butt later. He answered every call before and after the process was completed. 99% of others wouldn't have even answered a text once they got the money. Could I have made a couple of thousand dollars more with someone else? Sure, but the peace of mind in knowing that it was done the right way by someone who actually was professional and care was more than worth it. Ryan has made a customer and friend for life.
Green Girl
Green Girl
00:00 31 Oct 18
I was in a really tough spot because my Husband was in the Hospital and had passed away. I was completely unready for this and had discovered that there would be considerable expenses!  I had received several letters from companies interested in the property on an "as is" basis.  Most had never got back to me after I called them or were too low of offers.  I put an inquiry in their website and was immediately contacted by the Owner who was able to come the very next day!  The entire process was easy and professional.  Thank you We Buy Any Vegas House!
Mike
Mike
23:37 30 Oct 18
Casey and Ryan were so helpful! I was was a week from being Foreclosed and they were able to get me cash in my account in 5 days! And even let me rent back until I was able to find a new home!
Karl Workman
Karl Workman
21:03 30 Oct 18
This company was not only the most professional real estate company i've dealt with, but they're the most reliable and respond quicker than most companies i've ever dealt with. They were fast, professional, and knowledgable in all aspects of our deal. Would and plan to recommend them to all of my friends and family! 10/10.
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