If you’re facing foreclosure in Oahu, Hawaii, then you know that the time to act is now. Unless you’re ready to throw in the towel, then you do have options if you want to stop foreclosure. The key thing to remember is that you MUST, above all, take some form of action.
Too often, homeowners facing foreclosure will wait until the last second and then try to pull out all the stops, expecting a miracle. The sooner you act, the better off you’ll be. Not only are you likely to be better off financially (less debt accruing), but you’ll also likely have more options available to you.
So if you’re sitting here asking “How Do I Stop My Foreclosure Sale?“, then this article is for you.
How Do I Stop My Foreclosure Sale
Option 1: Sell Your House. I realize this may not actually be your first option, but selling your house on Oahu is quite often the best way to avoid actually getting foreclosed upon and having that attached to your name and credit report for the foreseeable future.
If you have equity, then a direct cash sale of your home to an investor like us may be the fastest and easiest way to put it all behind you. If your mortgage is underwater, then a short sale is likely your way out (we can help you with this as well). The good news for you is that, at the time of this writing, the Oahu real estate market continues to climb, meaning that if you decide to sell your home, you’ll do much better than if you were in a down market.
Option 2: Loan Modification. Many people who wish to keep their home pursue a loan modification with their lender. If you qualify, then these can be a way to help get you back into making your monthly loan payments.
However, the sad truth is that despite government programs that have been touted as saving homeowners, most owners either don’t qualify at all OR they end up being discharged from the programs — sometimes for no reason at all. They then find themselves back where they started or worse — further behind in debt.
Option 3: Pay Your Arrears (Reinstate Your Loan). Of course, you can always make up your back payments and any attached attorney fees. However, most people facing foreclosure don’t have the money, or else they wouldn’t have fallen behind in the first place. But maybe you’ve finally come into some money, got a new job, or found a relative or friend who’s willing to help. If so, then you can ask your bank for a reinstatement amount and pay them this amount to bring your loan back to good standing. Just be sure you’ll be able to keep up with your payments or you’ll only have delayed the problem.
Option 4: File for Bankruptcy. Often the last resort, filing for bankruptcy will halt the foreclosure process in its tracks. By all means, if you’re considering this option then you should speak with a bankruptcy attorney (nothing here should be considered legal advice!). There are serious ramifications to filing for “BK” — don’t think this is a magic answer that will make all your troubles go away. It is also often just a temporary solution.
There may be other options out there to stop your foreclosure sale, but these are the most common methods.
So if you’re facing foreclosure and asking yourself “How do I stop my foreclosure sale?“, we hope this article has helped point you in the right direction or at least helped you understand your options.
Of course, CALL US ANYTIME at 808-377-4379 if you have more questions.