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. How to contest a foreclosure
A debtor who sees a foreclosure in the horizon can try to contest the proceedings by asking for an injunction from the court or even seek a temporary restraining order if the foreclosure is imminent. However, this may only be possible if the debtor has enough money, usually equal to that amount of debt that is required to post as a bond. This way the creditor is also protected if the debtor simply wants to avoid paying the debt but has the means to do so.
In some cases, the debtor has the chance to challenge the lender's claim in court and sue for damages if the lender is not able to provide adequate evidence that the debt is valid.
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. Writing a convincing hardship letter
Another tip is to prepare a convincing hardship letter. The hardship letter is one of the most effective toolshomeowners can use to prevent foreclosure. It details the problem and also provides a way for the borrower to spell
out a possible plan of action to solve the problem. A hardship letter should be first and foremost convincing, short but comprehensive and direct to the point. It becomes even more effective when it comes with relevant documents supporting the hardship claim or the plan of action for the solution.
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Practise
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25.2.2005
Preparing all necesary documents and paperwork
It is also important to have all necessary documents, facts, and figures ready before meeting with the lender for negotiations. This will save both parties time in processing out a solution to stop foreclosure and will help both parties reach a decision sooner. Both parties may settle on other ways to pay off the debt such as refinancing, short sale, alternate financing, and other temporary arrangements.
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28.2.2005
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Bankruptcy
This option should be considered as the last step to stop foreclosure. Filing for bankruptcy can effectively stop the process, but it can also lead a significant damage in one's credit rating, making the borrower highly unlikely to take out loans in the future.
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London,UK |
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