Foreclosure is a specific legal process in which a mortgage provider efforts to restore the balance of a mortgage from a client who has stopped paying to the lender by pushing the selling of the resource used as the collateral for the mortgage. But no one wants to reach to this solution. In this, families lose houses, neighbors and financial stability and lenders almost lose money. There are some options from which you can fight from foreclosure.
Mortgage Modification:
Your current loan is modified to accommodate your financial capabilities. In this you can keep your house and reduces the interest rate and loan payments for a temporary period and you also have to some rights on your loan.
Short Sale:
In this your house can be sold rapidly at a reduced value. So, you can terminate your debt. But negative thing is that you lose your house and find a new house in a little time.
Deed-in-Lieu of Foreclosure:
In this the deed of your house is given to the lending company or lender you borrowed from to buy it. But lenders are not using this option too much because the selling of the home is their responsibility.
Forbearance of Payments:
You are given a brief rid of loan payments. This allows you to keep your house but this relief is temporary and you have to give up some rights on your mortgage.
When facing foreclosure, you have many options, but you have to avoid the scams and act rapidly if you want the best outcome because delaying makes foreclosure unavoidable.
source By : http://www.trulia.com/blog/allanerps/2012/08/article_how_to_fight_the_foreclosure_process
Hey, Myself Sandra.... (*-*) 