A Divorce Deed In Foreclosure Can Be Stopped
There is an option to stop the foreclosure of your home, no matter what the reasons are that have caused you to enter into a divorce settlement. This option is known as the "do not retrieve" divorce deed in foreclosure. A deed of this type does not authorize the bank or lender to take back your home. It simply relieves the lender of all rights to bring a lawsuit against you and forces them to accept the divorce settlement. While it will not prevent a foreclosure from happening, it will prevent the lender from coming after you for any past due payments.
Many people do not understand what a deed of this type in foreclosure does or why it stops foreclosure. It is quite simple to see how this can save you money and stop the foreclosure process. When you stop the foreclosure, the lender must accept the settlement offer. This means they can no longer pursue you for past due payments on the home.
There are two methods in which the banks can take back your home. The first is by putting the house on the market and advertising. If you cannot sell it, they can go to court and ask a judge to issue a possession order. This means they can legally take the property back from you will need to vacate the house. Depending on the laws in your state, you may still be responsible for other past due mortgage payments. It is important to understand what the bank can do and what you can do to stop it.
Your second option is to skip the foreclosure and pay the debt completely. If this is the case, you will need to hire a foreclosure lawyer to help you determine which debts will be forgiven and which will not. Often, the courts do not allow collectors to contact you about uncollected debt. However, if one spouse wants to keep home they do, you should let the foreclosure lawyer know because he or she can use this information to stop any future attempts by the bank. A deed in foreclosure is property that is transferred between the two parties in a foreclosure transaction.
Although your home may be at risk, you may be able to save your house. You must prove that a sale of your home would be unfair. Your attorney will look at the deed of your home and see if there are any other options that would keep you out of foreclosure. The judge will also look at the details of the deed and decide whether or not you are the rightful owner of the house. In most cases, a divorce deed in foreclosure is not a permanent solution but it can keep you from losing your home to foreclosure.
Remember that stopping the foreclosure does not mean you will get a chance to escape the mortgage payments. You will still have to pay off the balance of your loan and may not be able to buy an additional unit until after the foreclosure auction is over. Even if you get a chance to buy before the auction, you will have to pay a fee and probably have to put up a large down payment to pre-qualify for the auction. If you cannot come up with the money to cover the fees, you will have to give the bank a few months to find the money plus you will lose the house. If you are faced with foreclosure, contact a foreclosure lawyer immediately to learn more about what you can do to stop it.