Where can American homeowners find help to stop foreclosures in a short period of time?
Banks are speeding up the foreclosure process. So what options are left for struggling homeowners who find out they don’t have long before their auction date?
New foreclosure filings rose in 26 states last month, according to RealtyTrac. On top of this, banks have actually taken back more properties from homeowners. According to reports, some cities and states have seen an 80% increase in May alone.
Sadly, many homeowners have slacked off on finding a solution for stopping the foreclosure process. Many are misinformed, as they think they will have plenty of time to find a solution. Remember, that while they may have held back on sales, they haven’t necessarily stopped the paperwork on the foreclosure process.
With government and bank institutions pulling their offices out of the hardest hit areas, it is clear banks are planning to let the situation run its course. They want to have distressed properties recycled as quickly as possible.
This leaves many in panic mode, especially as foreclosure help seems to have shriveled up over the last year. Many loan modification companies, attorneys and real estate agents are turning their focus to other parts of the business.
So what are your options to stop the foreclosure process?
Your choices may include:
- Refinancing
- Loan modifications
- Bankruptcy
- Hiring a foreclosure defense attorney
- Short sales
- Finding an investor and selling your home fast for cash
The housing market is headed up, with prices and rates to increase over the next decade. So the sooner you reset your finances and begin rebuilding, the better you’ll be. Take advantage of improving economics and get ahead.
