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How to Save Your Home by Stopping Foreclosure

Receiving a foreclosure notice from your lender is sure to turn your life upside down. But before you pack your stuff and prepare to leave, it's important to note that there are ways to save your home from the foreclosure process.

It's not always easy to stop foreclosure, but there are steps you can take to successfully do so. Here's where you should start:

  • Review your foreclosure notice: This will outline everything you need to know about your current situation, including the steps you can take next.
  • Understand what went wrong: You know you're behind on payments, but that doesn't mean anything if you don't know the specifics of your situation. How many payments have you missed? How much money do you owe, including interest, fees and penalties?
  • Talk to your lender: Don't assume that your lender is chomping at the bit to repossess your home. They're willing to hear you out and help you stop foreclosure, but you have to show them a willingness to take action.

After you take these steps, you'll better understand your situation and what comes next. Even though you're not out of the woods, you should at least have a better idea of what you can do to remain in your home.

If you've tried everything and have yet to settle on a solution, look into bankruptcy and how it can improve your situation. The automatic stay will kick in once you file, which stops the foreclosure process for the time being. This may buy you the time you need to assess your situation and formulate a plan for staying in your home.

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Get To Know David & Robert

  • David  Alan Ast Photo
    David Alan Ast
    Firm Partner David Alan Ast has more than 25 years of experience helping people throughout northern New Jersey get a fresh start and move forward with their financial lives. He is committed to protecting the rights of his clients seeking debt relief.
  • Robert L. Schmidt Photo
    Robert L. Schmidt
    Firm Partner Robert L. Schmidt earned his Bachelor of Arts in Business Administration and Finance from Stockton State College in 1990. Three years later, he earned his Master’s degree from Rutgers University School of Business in Camden with a major in finance. Robert then acquired his J.D. from James E. Beasley School of Law at Temple University in 1997.
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