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Can you stop a foreclosure from happening?

Your pressing financial problems have left you scrambling to figure out a solution to keep your home in North Carolina from going into foreclosure. With deadlines closing in, you are wondering if there are any other options for preventing this situation from happening. Fortunately, there may be alternative options to prevent a foreclosure or at the least, slow the process to allow you time to figure out your next step. 

According to HGTV, your creditor will probably begin to get uneasy if you have missed more than three of your mortgage payments. When this happens, they are legally able to begin the process of taking your home back as it is still under their ownership. Some of the ways you may be able to stop this from happening to you include the following:

  • Bankruptcy: Your home will immediately be protected from foreclosure if you file for bankruptcy protection. If this is the option you choose, there will be repercussions that you will need to manage, but at least you can keep your home and not have to worry about finding another place to live. 
  • Renegotiation of your contract: This option requires you to be on good terms with your lender and willing to show tenacity in reconciling your debts. However, you may be able to renegotiate your original contract to work out a payment method that will allow you to catch up on any missed payments and keep your home. 
  • An assumption of mortgage responsibilities: Another option you may consider is working with your lender to find another buyer who can comfortably assume the financial obligation of paying your mortgage and release you from any debt associated with your home. However, most lenders are hesitant to accept these types of offers as payment problems may be prolonged if the new buyers run into the same problems as you have. 

The information in this article is intended for educational purposes only and should not be taken as legal advice.  

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Sigmon & Henderson, PLLC
518 S New Hope Road
Gastonia, NC 28054

Phone: 704-269-6374
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