There are many divorce and foreclosure questions such as who is best able to answer them and who should be called in for help. One of the most important questions is how to stop foreclosure and what changes when your house is in foreclosure.
If you are a single mom and no longer able to earn what you were able to before your marriage, your biggest problem will probably be divorce and foreclosure. It is very possible for you to continue to make mortgage payments after a divorce. That’s because many states have now changed the definition of ‘mortgage’ to include real estate. In some states your real estate can still be protected in a deed in lieu of foreclosure.
This type of protection may only last as long as your life, depending on how old your home equity and cost of living are at the time of the deed in lieu. If you have a lot of equity built up in your home, it may be more difficult to get protection in a deed in lieu.
How to Stop Foreclosure After Divorce?
The most important question related to divorce and foreclosure topic. Many couples end up in a relationship where one partner wants to stop foreclosure on the home while the other wants to pursue it. The problem is that these couples are often unaware of the options available to them when they try to stop foreclosure after divorce.
Some couples may have heard that they can stop foreclosure by filing for bankruptcy, but this is not the only option and there are more options available to help the homeowner to stop foreclosure after divorce. Filing for bankruptcy should certainly be a last resort for any struggling homeowner but filing under these circumstances may not completely save a failing marriage.
The most common method of preventing foreclosure after divorce is a loan modification. But this does not help if the homeowners are still behind on their mortgage payments after the loan modification. There are several other options that stop foreclosure after divorce including short sales and forbearance. Both short sales and forbearance can affect the credit score of the homeowner and may cause further financial problems, so these should only be considered as a last resort.
It is important to remember that even if the lender grants you temporary relief from foreclosure, it does not mean that you have gotten out of the foreclosure process forever. The foreclosure laws are strict and your chances of stopping foreclosure after divorce will not be easy. It may be necessary to file for bankruptcy protection in order to stop foreclosure after divorce.
How Long is Foreclosure After Divorce?
The timeline of foreclosure after divorce, really depends on the couple and on the state where the property is located. Some states have a very short period of time from the filing of the divorce to the actual foreclosure. Others, like California, have a thirty day period as the actual date of the foreclosure sale. However, this is just a general rule for all states and it could vary slightly from one state to another. For some couples, the actual foreclosure date will be a lot shorter than for other couples.
In many cases, the actual date of the actual foreclosure sale will take longer than the actual length of time between the filing of the divorce and the actual foreclosure sale. This is because there are many steps that must be taken to actually go through and start with the foreclosure process. As a result, it can take several months from the filing of the divorce proceedings until the actual foreclosure sale date.
In some cases, the foreclosure can take as long as three months from the filing of the divorce papers to the actual date of the sale. In other cases, it may take as little as a few weeks or as long as six months. It really depends on the individual case as well as on the specific laws in the particular state where you live.
How Much Cost Will End Up Being Involved in Foreclosure After Divorce?
If you have decided that you want to try and stop your foreclosure with the help of a foreclosure after divorce attorney, you will be facing a number of decisions. Depending on how much damage is actually done to your credit report, you could end up with a FICO score in the mid to upper 700s.
FICO scores are based on how well your debts have been managed over time, so if your debts are not managed well and you have made some late payments, or some type of debt default, you will end up with a lower FICO score. A lower score will make it harder for you to get a loan to buy a home or to get affordable auto insurance.
Depending on what county the foreclosure is in, and how long it takes to finish, the total cost could end up being hundreds of thousands of dollars. The amount of money that you save during the foreclosure process can be used to pay down your debts or to start over with a clean slate.
It is also an important divorce and foreclosure question to know how much the attorney’s help will cost. This is important because if you do not have a good understanding of how much cost you will be facing, you will not be able to plan your financial future with a clear head.
Your divorce attorney will sit down with you and go over the facts of your situation. After this, they will be able to tell you how much cost will end up being involved. If you have a clear picture of what your payments will be, and how much you will have to pay on a monthly basis, it will be easier for you to come up with a budget that will allow you to start over. Getting your finances under control will allow you to move forward after you have lost your home.
Divorce and Foreclosure Questions 