At Fennec Advocates we regularly work with homeowners to prevent foreclosure on their homes. We are frequently asked, often at that last minute, 'what are my options?'.
Every situation is unique, and we always seek to schedule a one-on-one consultation to determine the best path available. However, solutions generally fall into one of 5 or 6 categories:
- Reinstate: Paying the amount in arrears to the lender. In most situations, if this was an option things would not have progressed to the point of a pending foreclosure.
- Deed in Lieu: Your lender may agree to allow you to voluntarily sign the deed of your home over to them to avoid the foreclosure process.
- Bankruptcy: Filing for bankruptcy immediately stops the foreclosure process. Legally your lender, like any other creditor, is prevented from pursuing any collection action including foreclosure. Many misconceptions generally exist surrounding bankruptcy, however. Bankruptcy can buy time to work out a repayment plan if you have