Delay foreclosure and avoid bankruptcy.
A good way to temporarily stop a foreclosure may be to file a Temporary Restraining Order (TRO) against the mortgage lender. A TRO is a legal order filed by an attorney on behalf of a homeowner that will result in a brief delay of a foreclosure auction – usually about 30 days. This may provide the homeowner enough time to sell their home using the strategies offered by Sold ASAP, or to catch up back payments.
Filing a TRO can be done just before the home is to be auctioned off by the lender. In addition, it does not require the homeowner to declare bankruptcy. Once the TRO is filed by the attorney, the auction is stopped until the mortgage lender has the TRO lifted.
Filing a TRO is a costly way to temporary delay a foreclosure. It can be a good tool if the homeowner has a plan in place to resolve the foreclosure, or just a costly extension of an already awry situation.
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