Making house payments on time is the best way to avoid foreclosure proceedings, but sometimes this just isn’t possible. However, there are some steps that can be taken to avoid Foreclosure in Lawrence KS even after a Notice of Default has been filed.
Speak With the Lender
Sometimes, it’s possible to negotiate with the lender to come up with a workable solution to get back on an acceptable payment schedule. This only works if the money problems that led to missing payments have been taken care of and are no longer an issue, however. The best time to speak with the lender is before any payments are missed, as this leaves more room for negotiating and the lender may be willing to refinance the home or otherwise alter the agreement to lower the payments and avoid the necessity of Foreclosure in Lawrence KS.
Filing Bankruptcy
While there can be some long-term consequences to filing for bankruptcy, this process will stop the foreclosure process, at least temporarily, and give you more time to find a solution. Speak with a lawyer familiar with the bankruptcy process to see if this might help in your situation. It may be possible, depending on the type of bankruptcy, to set up an adjusted payment schedule that will allow you to keep the home.
Consider a Short Sale
People who don’t want a foreclosure or bankruptcy on their record may want to speak with a real estate agent and the bank to see if a short sale is possible. This involves the bank accepting an offer on the home for less than what you owe on it. They may do this to help avoid the hassle of them having to foreclose on the home and then sell it again themselves.
Giving Back the Deed
This option actually doesn’t help in terms of maintaining good credit, and the bank often doesn’t want to accept it because of the potential legal implications that may come up later. It’s called deed in lieu, and may be an option when a homeowner hasn’t been able to sell the home in a long time and has documented their financial difficulties, especially if there are no other loans on the home that the bank would have to pay off to resell the home.
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