Refinance To Stop Foreclosure And Protect The Home Equity Getting Foreclosed

July 30, 2013 - PRLog -- Commonly Used Methods for Stopping Foreclosure

One thing that is important for homeowners to know is this: until the final bid is in on your home, you still have the opportunity to save it in many states. Lenders have to allow homeowners an opportunity to reclaim their property, and in some states that is right up until the moment the auction begins. According to Real-Estate-Yogi.com, the most common methods homeowners can use to stop home foreclosure include the following:

Loan modification
Refinance
Forbearance agreement with lender
Short sale
Bankruptcy

In the current market loan modification seems to be the most common method for stopping foreclosure, but the problem is not all homeowners qualify—at least not for the federally-funded HAMP (Home Affordable Modification Program). In order to find out more information about the options that are available to homeowners facing foreclosure, fill out the contact information form on the website, and you will hear from one of the Real-Estate-Yogi representatives right away.

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The Most Effective Ways for Stopping Foreclosure

While there are several options available to homeowners who want to stop mortgage foreclosure as you see in the previous list. However, there are some methods that work better than others with the best choices actually being loan modification and refinancing. Of course, bankruptcy is an automatic stay, but it is also very damaging to the homeowner’s credit score. A forbearance agreement depends on the lender; it’s not a guarantee. This is also true of a short sale, so you want to begin with the methods that are most likely to stop the foreclosure and only utilize the others when that option fails.

Refinancing Your Home Can Stop Foreclosure

Can you refinance to stop foreclosure? While your current lender may not agree to refinance your mortgage, this doesn’t mean you cannot apply for a mortgage with another lender. As long as you are approved and can pay your loan in full, the lender is obligated to stop the foreclosure. After all, you will no longer owe them any money, so the law will not allow them to continue the sale. At the same time, if your current lender agrees to refinance your loan, it is also obligated to stop any foreclosure proceedings.

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Homeowners have several options available to stop home foreclosure, but there are some methods homeowners use to stop mortgage foreclosure that are more effective than others. A homeowner must decide for himself the best method to stop the foreclosure process and may include using a refinance to stop foreclosure.

With so many people today faced with foreclosure, homeowners need to be aware of things they can do to stop the process. www.real-estate-yogi.com offers an abundance of information on different methods for avoiding and stopping foreclosure. In addition to information on so many foreclosure topics, there is also a free database that includes in excess of 240,000 names of various legal and financial representatives throughout the United States. Those who are interested in setting up a free consultation only need to call 1-800-987-1397.