One way to stop foreclosures is to bombard the lender with delaying tactics, buying more time to sell, refinance or follow legal advice and file for bankruptcy. In the event of no workout solution being available from your lender, you can certainly be hopeful of gaining an extra 2 to 3 months or more to try to sell your home or try for a workout program with another lender. If mounting legal costs are impossible to contemplate, there are nationally recognised Mortgage Assistance programs available to avoid foreclosure and pro-bono legal assistance (no fees) available in your state. The additional time may be necessary to consider raising family loans and other methods of refinancing once your negotiations with your current lender(s) have proved fruitless. Hard money loans don’t take much time at all, but these are based on your equity in your home rather than your credit record, and with foreclosure homes for sale making their presence felt in your community in larger numbers than ever known in recent history, coupled with zero price appreciation 2006/2007 in many states, chances are your equity has been eroded. The more familiar you become with the foreclosure laws as they apply in your state, the more confidence you will have to seek out and take advantage of the foreclosure help offered in assistance programs now being set up in many states to halt the rising rate of foreclosures particularly those related to the sub prime loans crisis.

There are those who recommend a Chapter 13 bankruptcy filing as a last resort to stopping foreclosure and so staying in your home. With this legal option you will enter into a repayment program through the bankruptcy court, a program to repay all your creditors, which may last 3 to 5 years. While it stops the foreclosure process completely, a bankruptcy filing stays with you, making your life difficult for 7 to 10 years. Being unable to prevent a foreclosure sale and losing your home does not prevent your entering a repayment program after the sale, make 2 years of repayments on time to re-establish your credit rating and probably buy another family home. A non-profit credit counselling service can help you with preparing debt consolidation programs as well as a bankruptcy solution if finally necessary. The property is yours right up to the sale/auction day, and although you need lender’s consent to a sale once the NOD/NTS or Lis pendens is filed, your efforts to sell could well be a success. Then, if auction is inevitable and the sale price is short of the lender’s default amount, you could file for bankruptcy at that time since you cannot pay the deficiency. Your attorney will suggest possible delaying tactics for eviction from that home you once so proudly owned. Delaying tactics are just another part of the strategy to stop foreclosures.

• Mortgage Calculator
• Rent Vs Buy