Foreclosures are always looked upon as a difficult time by any borrower and in case he has to face one, he always shall try to find reasons to stall the same. There are a few ways that you can actually stall a foreclosure and buy more time, so that you could work towards restoring some balance as well as make some arrangements whereby you could avert this tragedy. Whether or not you can stall foreclosure proceedings depends on a number of factors, like the type of foreclosure proceedings allowed in your state, how far behind you are on your payments and how willing your lender is to accept alternate payment arrangements.
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One important step that you could resort to is to ask the lender to "produce the note". Some lenders are not so organized and when it comes to old loans, they find that the promissory note could have been stacked up in places which are not easily accessible. Hence, by asking the lender to produce the note and filing a caveat in the court for the same, you could actually end up stalling the entire process for some time. This is very effective in the case of foreclosures which have legal implications, but in other cases, if not done properly, this could spell trouble for you for having wasted the court's precious time. Another effective step is to take the route of bankruptcy. By filing for bankruptcy, you could stall foreclosures till such times as matters related to bankruptcy are sorted out. But beware that bankruptcy has far more serious implications than just stalling a foreclosure. It could seriously impair your future plans and hence has to be done with utmost care. It would also be advisable to go for a chapter 11 filing and to take advice from a bankruptcy attorney while going ahead with this idea.
The last and most diplomatic solution is to talk to the lender and see if there are any ways that you could rework the entire mortgage plan. If you are in default or in the foreclosure process due to a temporary hardship, such as unexpected job loss or illness, and expect a return to a sustainable level of income, your lender may work with you to modify the terms of the loan; so that you can make your payments after a certain period of time and save your home. The lender is also in no mood to go for a foreclosure as it always entails legal and operational issues that he has to address, hence he shall always be looking for ways to keep the loan alive. If the borrower is able to put forth a viable alternative, the lender shall surely consider it. Thus, you shall not only be saved from the problems related to foreclosures but also be able to restore your ability to make your mortgage payments.
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