| Foreclosure is everywhere. Utah has now reached | | | | may be enough for you to financially get back on |
| number 5 in the most foreclosures in the nation, and | | | | your feet, but this hurts your credit almost as much |
| of coarse Salt Lake City is leading that number. | | | | as a foreclosure and the interest that you will be |
| There are ways that you can stop foreclosure in | | | | paying on back payments for the mortgage will be |
| northern Utah, but you must act now. Find the top 3 | | | | outrageous when the bankruptcy is over. Many |
| ways that would work best for you and start | | | | bankruptcy attorneys will suggest a short sale |
| pursuing them today. I suggest 3 ways because then | | | | because the whole point of bankruptcy is to get rid |
| you will have 2 back up plans. | | | | of debt and a short sale or selling the property |
| 1. Save up and get current on the mortgage by | | | | outright is the only way to get rid of your mortgage |
| paying back the payments. You may be able to do | | | | without going into foreclosure. |
| this by getting a loan from friends or family, or | | | | 6. Sell outright if the property is worth enough. You |
| tapping into your IRA account, or your 401K account. | | | | have a limited amount of time to do this if this is the |
| Those associated to you know that your situation is | | | | route you wish to use it to stop foreclosure. To |
| not your fault and most will be willing to help you | | | | pursue this route you will have to discount your |
| Stop Foreclosure. | | | | house greatly and probably sell it to an investor or |
| 2. Work with the lender to put together a repayment | | | | one of the we buy houses ads. |
| plan. This is what most lenders are doing for the | | | | 7. Short sales. This is where you get the bank to |
| people who are actively trying to stop foreclosure. | | | | take a discount on your mortgage. You find a buyer |
| This is where the lenders understand your situation, | | | | for your house. The buyer will want to buy your |
| and they still believe that you are a good investment | | | | house for less than you owe on it. You will submit |
| for them. They feel that you just had a hiccup in | | | | the offer into the bank and they will credit your |
| your financial situation and so they add the money | | | | mortgage as paid in full. It is important to do your |
| that you owe back to your loan and you pay them | | | | research in finding someone to help you do this. They |
| back over time. The lender wants to stop | | | | should not charge you anything and they should have |
| foreclosure as much as you do. | | | | done many of these before. Usually your best bet is |
| 3. Work with the lender to modify the terms of the | | | | to contact an investor who specializes in short sales |
| loan. This is where the lender forgives some of the | | | | to stop foreclosure. |
| balance of the loan to lower your payments, they | | | | 8. Deed in lieu of foreclosure. This is where you just |
| may also alter your interest rate to lower your | | | | give your house back to the bank. This saves them |
| mortgage payments, or they may increase the length | | | | money by not having to file foreclosure and it helps |
| of your loan. This is a great situation for you if your | | | | your credit. Usually, this is not your best option to |
| lender is willing to do this. | | | | stop foreclosure, but it still may be an option. Not all |
| 4. Refinance. This may be a good option if you don't | | | | mortgage companies will do this though. |
| like how your loan modification came out. By | | | | 9. Do Nothing. Sadly this is one of the more |
| refinancing you are asking another lender if you're still | | | | commonly pursued options, and it is the worst option |
| a good investment for the bank. If they agree then | | | | of all. This does not stop foreclosure at all. The |
| they will finance your home through them and the | | | | people who do nothing get hurt financially, and the |
| loan that is foreclosing on you will be paid in full, thus | | | | sheriff will show up at your doorstep one day and |
| stopping your home foreclosure. | | | | evict you from your house in front of all your |
| 5. Bankruptcy. This is a temporary fix in most | | | | neighbors. If you are reading this article then this |
| situations. You can stall your foreclosure for up to 2 | | | | probably will not happen to you because you are |
| years in some cases by continually declaring | | | | taking action to stop your foreclosure. |
| bankruptcy. The time that you stall your foreclosure | | | | |