A foreclosure is a pretty daunting prospect. In 2019, the share of housing units with a foreclosure filing was 0.36%. If you’ve received a Notice of Delinquency, however, that doesn’t automatically translate to a foreclosure. There are a number of strategies you can apply to slow the process down and even stop it in its tracks.

We’ve prepared this piece with a number of ways to stop a foreclosure in its tracks. Take a look.

Do Your Research

When approaching a foreclosure, the first step you should take is to ensure that you know precisely what is going to happen.

Go over all the documents your lender has provided you with. Most initial late payment notices will include important information regarding your options for preventing foreclosure. More recent mail may include vital notices containing information regarding the foreclosure process along with any pending legal action.

The next thing to do is to make sure you know how your state handles foreclosure. While lenders have to file a lawsuit to move forward with the proceedings in judicial foreclosure states, they aren’t required to in non-judicial foreclosure states, like Texas.

Get in Touch with Your Lender

Considering foreclosure is more often than not a lengthy, time-consuming process, most lenders would rather work out a solution than repossess your home. Get in touch with your lender and discuss your options openly. The lender will provide you with the following options:

Refinancing Your Loan

Refinancing your loan means the lender will offer you a new loan with new terms and interest rates so that you can cover your payments, in addition to the money you owe on your house. Refinancing won’t affect your credit negatively and may keep your monthly payments lower than before.

Repayment Plan

A repayment plan is one that you and your lender work out together while keeping your budget in mind. You will work out a specific period during which you’ll be making your payments and make up for the ones you missed.

Loan Modification

Modifying your loan entails altering the terms of your current loan—the amount due, term, and interest rate—to make the monthly payment more manageable.

We offer a variety of solutions to help Texas homeowners stop foreclosures in their tracks, including making payment arrangements for late fees, back mortgage payments, and closing costs, professional credit repair, and leasing and selling your property back to you.

Get in touch with us for more information on our services.