Receiving a foreclosure notice is probably one of the scariest things a homeowner can experience. At this point in the process, you’ve fallen 90 – 120 days behind in your mortgage payments and your lender intends to take your property and sell it unless you make up your payments immediately. Although a stressful situation, you should know you’re not alone.
As of the second quarter of 2020, about 1 in 2,756 properties are in foreclosure with about 376,052 housing foreclosures in the US. With the COVID-19 pandemic showing no signs of being over anytime soon, it is likely that there will be a substantial increase in foreclosures, short sales and bank-owned properties.
While receiving a foreclosure notice may seem like the end of the world as you know it, you can still avoid having your home repossessed.
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The Real Estate Settlement Procedures Act
Something that the homeowner should take into consideration when thinking about their foreclosure is the Real Estate Settlement Procedures Act (RESPA). This federal law requires mortgage lenders, loan servicers and brokers to give borrowers certain disclosures regarding the nature and costs related to buying real estate.
In regards to stopping the foreclosure process, one of the most powerful tools RESPA offers is the Qualified Written Request (QWR). A QWR is a letter written to the servicer of your loan to request a review of the account due to potential errors. In some limited circumstances, such as when the error involves the servicer having commenced foreclosure proceedings too early, the notice will require the servicer to stop or pause the process. Another important benefit of a well-formulated QWR is that detailed information requested may reveal servicing violations and may conflict with other statements sent by the servicer in other contexts, calling the accuracy of its records into question.
Halting the Foreclosure Process
Once the foreclosure process begins, you have a few options to stop it. Other than requesting a QWR, some last-minute strategies that can help you avoid foreclosure consist of filing for bankruptcy, applying for a loan modification or filing a lawsuit. Of course, the solution you should choose largely depends on your unique circumstances including the time left to foreclose and the option that your lender favors.
Whatever your circumstance, DebtCleanse can help. Members have access to an experienced attorney that helps you weigh your options and decide the best way to avoid losing your home.
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When you sign up with DebtCleanse, in as little as 2 hours, we can connect you with a consumer advocate attorney who will help you fight your lender and save your home. Take the first step today at no risk to you - At DebtCleanse we’re confident that our approach will help you overcome your debt which is why we offer a 30-day money-back guarantee.
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