The 5 Ways to Save Your Home
How KeepHomes Together Helped a Family Stop Foreclosure:
When the foreclosure notice arrived, Jessica and her husband, Mike, felt the world closing in on them. After years of hard work to build a life in their home, an unexpected medical emergency drained their savings and left them months behind on their mortgage. Their lender’s warnings escalated quickly, and now they were weeks away from losing everything.
Jessica was overwhelmed by shame and uncertainty, unsure how to navigate this seemingly impossible situation. That’s when KeepHomes Together came into their lives—and changed everything.
A Chance Meeting Brings Hope
Jessica wasn’t sure what to expect when a representative from KeepHomes Together knocked on their door. She had heard about companies preying on desperate homeowners, so her guard was up. But instead of a sales pitch, the representative offered compassion and a simple promise: "We’re here to help you find the right solution for your family."
Over the next few days, they sat down with Jessica and Mike, listened to their story, and presented five ways to stop foreclosure.
The 5 Ways to Stop a Pre-Foreclosure
1. Catch Up on Arrears
The simplest way to stop a foreclosure is to bring the loan current by paying the missed payments, plus any late fees or penalties.
When It Works: If the financial hardship was temporary and the homeowner now has the resources to pay.
For Jessica and Mike: This wasn’t an option. They had no savings left to cover the arrears.
2. Loan Modification
This option allows homeowners to renegotiate the terms of their mortgage with their lender, potentially reducing monthly payments, extending the loan term, or lowering the interest rate.
When It Works: If the homeowner can afford the home with more manageable payments.
For Jessica and Mike: KeepHomes Together helped them understand this option, but their lender’s strict requirements made it difficult.
3. Bankruptcy (Not Recommended)
While filing for bankruptcy can halt foreclosure temporarily, it has long-term consequences, including severe credit damage.
When It Works: As a last resort for homeowners with overwhelming debt and no other options.
For Jessica and Mike: This wasn’t ideal. They didn’t want to risk the long-term financial impact.
4. Cash Sale
Selling the home quickly for cash can help homeowners avoid foreclosure and walk away with equity.
When It Works: If the homeowner is ready to move and needs a fast, hassle-free sale.
For Jessica and Mike: This option started to make sense as their lender was unwilling to modify the loan, and they didn’t want foreclosure on their record.
5. Subject-To Sale
A creative option where a buyer takes over the homeowner’s existing mortgage payments while the loan remains in the original owner’s name.
When It Works: If the homeowner can no longer keep the home and prefers a solution that avoids foreclosure.
For Jessica and Mike: This was the perfect solution. KeepHomes Together found a buyer who could assume the payments, allowing them to move on without foreclosure.
Taking Action—and Finding Success
Jessica and Mike worked closely with KeepHomes Together to navigate the subject-to sale process. With their help, the foreclosure was stopped, and the couple was able to transfer the home to a buyer who took over the payments. They avoided foreclosure, preserved their credit, and walked away with dignity.
How KeepHomes Together Can Help You
Every homeowner’s situation is unique, but the five proven ways to stop foreclosure can provide a lifeline.
1️⃣ Catch up on arrears if you have the resources.
2️⃣ Apply for a loan modification to make payments manageable.
3️⃣ Understand bankruptcy as a last resort.
4️⃣ Consider a cash sale for a fast solution.
5️⃣ Explore subject-to sales for creative options to avoid foreclosure.
At KeepHomes Together, we’re here to guide you through the process, just like we did for Jessica and Mike.
Take the First Step Today
Time is critical when facing foreclosure. Contact KeepHomes Together for a free consultation. We’ll help you explore your options and create a plan that works for you.
Don’t let foreclosure define your future—let’s find the best path forward together.