How can I stop the foreclosure process of my home in Alabama?

by oliver on September 30, 2010

Question:

How can I stop the foreclosure process of my home in Alabama?

Answer:

The best and most obvious way to avoid the foreclosure of your home is to pay for the debt that you owe. You can also talk to your lender and try to work out an agreement to avoid the foreclosure. The agreement that you will propose to your lender depends whether or not you intend to keep the house. If you intend to avoid foreclosure and keep your house, applying for a home affordable modification will help you.

Through this program, the terms of your mortgage will be changed to make it more affordable to you. You may also seek the help of the banks for refinancing. If you are expecting a large amount of money coming your way soon, you can ask your lender to agree to forebearance. In this option, you will give the total amount of debt that you owe in one lump sum. If you do not intend to keep the property but want to avoid foreclosure, you can propose and apply for a short sale of the property. In this option, the lender agrees to sell the property in the open market at a price which is near the property’s fair market value. Once the lender receives the payment of the sale, you will be free of your financial obligations. However, if the above options do not work for you, try filing for a Chapter 13 Bankruptcy.

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