Most people experience financial difficulties at some point in life including home foreclosure. Financial constraints can make life stressful and difficult, especially when you go into default with your mortgage and are in danger of foreclosure. The business of foreclosures and repossessions is complicated and confusing for most, especially for those that have never encountered or have been exposed to this type of situation.
There are two main types of foreclosures: judicial and non-judicial. Judicial foreclosures occur through the courts and non-judicial foreclosures do not. The state of Oregon primarily has non-judicial foreclosures as these are more common. Many folks in the Portland, Beaverton, Gresham, and Bend, OR areas want to know how to stop foreclosure and stop repossession of their property.
If you find yourself having trouble paying your mortgage, take action immediately and consult your lender regarding your financial situation. It is always best to be transparent with your financial institution as they will be in a better position to help you avoid a foreclosure. If you find your financial situation has worsened, you may be able to apply for loss mitigation which could stop the foreclosure process from even beginning. In the event that your loss mitigation application was denied, you can appeal the application as long as the sale of your house is not imminent.
If you are in the process of a foreclosure, you do have options to stop the foreclosure. Oregon law necessitates that homeowners receive communication informing them of their danger of foreclosure before the process begins. If you have received correspondence that your property will begin foreclosure, it is in your best interest to contact a forclosure defense lawyer immediately. Once the foreclosure process has begun, it oftentimes moves swiftly giving you little time to halt the process.
Another option for those in the process of foreclosure is to file for bankruptcy. In the case that the foreclosure of your home is imminent, often times this is the option that has the best chance of helping you keep your home.
To better understand the foreclosure process and how to file for bankruptcy to keep your home, contact seasoned attorney George Hoselton today. The Law Offices of George Hoselton can help you get the debt relief you need and help you stop both foreclosure and repossession of your property. Don’t delay and call today!