Foreclosure Tactics
Stalling Foreclosure
Stalling Foreclosure
A process that often brings down the morale of the person as well as his family’s is that of a foreclosure. 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. Some steps that can be taken to make sure that the foreclosure is stalled for some time, even if it looks inevitable at any point of time, are detailed below.
One very effective method to stall the foreclosure process is to file for a bankruptcy. This, if done, has to be done with utmost caution. Make sure that you have the resources of a very efficient attorney, specialized in matters of bankruptcy, who can guide you through the entire process so that you can come out of it, unscathed. Remember that filing for bankruptcy has very different connotations in different states as has to be done as per law. Chapter 11 filing is safer and has lesser repercussions as far as the future is concerned. Such an action can sometimes jeopardize the future and stop you from availing certain loans and such financial assistance. All these factors have to be taken into serious consideration before you file for one.
Asking the bank to produce the promissory note related to the mortgage loan is another stalling tactic. This is only a time wasting tactic and gives you an additional amount of time so that you can either arrange for funds or look at alternative ways to take care of the financial mess that you are in. In case you file a case in the court for this purpose, make sure that you have all facts and figures right as any mistakes can put you in trouble, for having wasted the court’s time in such trivial issues.
The most effective and most diplomatic step to stall a foreclosure is to talk to the lender. Remember that the lender is also into a business and wants to concentrate on his core business of lending rather than waste time and energy on such issues like foreclosures or short sales. Try to find a middle way out of the financial trouble that you are in by giving alternatives to the lender, such that these alternatives do not incur any losses for the lender. Steps like deferring the loan period for a certain time frame, after which the payments can resume or decrease the interest rate minutely or even increasing the tenure so that the monthly payments are reduced in amount are some viable alternatives. Whether or not you can stall foreclosure proceedings also depends on a number of factors, like state laws, repayment schedules or even how willing your lender is to make alternate payment arrangements.
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