Temporary Restraining Orders
TROs are a legal specialty – you must have an attorney, with this specialty, lined up in advance if you need to utilize this maneuver.
Advantages and Disadvantages
The advantage of a TRO is that it can be done at the last minute just before the home is actually auctioned off by the lender.
In addition, it does not require the homeowner to declare bankruptcy and thus often both a bankruptcy and foreclosure can be avoided. Once the TRO is filed, the auction is stopped or nullified until the lender has the TRO lifted.
The disadvantage to filing a TRO is that it costs money and is only a temporary delay.
Before (or in conjunction with) exploring this option, make sure you talk to a creative real estate investing professional about all of your options! Regardless of your situation, income, or equity, if you would like to discuss all of your options for selling your home quickly to avoid foreclosure, please CLICK HERE
Common Questions About TROs
Question: How and How Much?
Answer: Generally you consult with a TRO attorney and complete the paperwork. Attorneys charge different fees for this. We have seen this cost around $2000 for most people. This is a specialized area of law.