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how to stop foreclosure at the last minute

During this sale, the Lender markets the home to prospective buyers and accepts the highest bid for the property. No, I don't want to stop foreclosure process... Short Sale vs. Foreclosure vs. After several months pass, their Lender files a foreclosure action. 4 Last-Minute Ways to Stop Foreclosure Auction Before It Starts. You will avoid additional legal costs associated with foreclosure. How To Stop Foreclosure At The Last Minute October 24, 2016. The moment you do this, the court will automatically issue an order for a property stay. My short sale processing company has seen this situation go both ways. The first step to  stop foreclosure at the last minute involves filing for bankruptcy. Sadly, this is a problem that many Americans have to face. They may additionally extend the amortization period to help compensate for the different in payments and rate change. This is called a loan modification (although it’s one of a few different things that they can do). This is essentially a refinance, so your loan balance and amortization schedule will be different. In 2017, James and his wife Marie purchase their dream home. If the lender does not make a motion to remove the stay, the hold will … So, is a loan modification right for you? If you just pick up the phone and call your lender (or answer the calls they’re undoubtedly making to you), then you might find the absolute easiest way to resolve the problem. There are many reasons people in default on their mortgage payments wait too long before taking action. Every month, thousands of people fall into some stage of mortgage delinquency. Filing for bankruptcy can actually put a pause on the foreclosure process. This will put the foreclosure on hold. You may become able to stop foreclosure, even at the last minute if you carefully avail one of these options; 1. With an investor as the purchaser, you can quickly unload the house, pay-off the mortgage and avoid the hassles and negative consequences of dealing with a foreclosure. A foreclosure occurs when the Mortgagee (i.e. So let’s take a look at what you can do to keep yourself out of foreclosure and avoid these things. The automatic stay stops a foreclosure because it prohibits your lender from trying to collect the debt. If the clock is ticking and you want to stop it no matter what before the lender forecloses on your house, you can declare bankruptcy. Pick up the phone and either call your lender or call us. Achetez et téléchargez ebook Foreclosure Stop-Book: Exactly How to Stop Foreclosure at the Last Minute (English Edition): Boutique Kindle - Bankruptcy : Amazon.fr Investors handle the whole complicated process and relieve homeowners from the stress and debt. Here are 3 methods to stop foreclosure at the last minute. If your home is in fairly good condition, you may be able to call a real estate agent and get it listed on the MLS to find a buyer. Non-receipt of foreclosure notice or the Notice of Default. If you’re trying to figure out how to stop foreclosure at the last minute, we’re here to help. If you find yourself in this situation, you have several options. How to Stop Foreclosure at the Last Minute Foreclosure is a tragedy to any homeowner. Be aware that lenders could try to circumvent this particular court order through another motion. If you can convince the lender that you simply went through a rough spot and you actually make enough income (or can reduce enough expenses) to continue making payments, they may forgive a loan payment or two. If you are facing foreclosure, just remember one thing: You are not alone. Here is a quick, simplified briefing of how a typical foreclosure auction works: It is important to note that the closer the home gets to the foreclosure auction date, the more difficult it is for you to take the necessary action to prevent the sale! When considering a mortgage modification, as long as you send in the documentation to the lender in a timely fashion and are financially qualified, the lender will typically grant you a 3 month modification trial period. How to Stop Foreclosure at the Last Minute. If you previously filed for bankruptcy you can file a lawsuit against your lender. To apply for a loan modification, the Lender will require you to complete and submit a financial package, which they will evaluate. It’s important to note that your Lender is not obligated to halt the foreclosure proceedings during the loan modification review process. Even in this case, the property can be sold, though this situation is more complex and requires a special type of sale—a short sale. The automatic stay will stop the foreclosure in its tracks. In May, James gets laid off from work. So your home is at risk of being foreclosed, and you want to find any way possible to buy some time. They buy homes in any condition AS IS, however, at a discount, so they can then resell the property for a profit. There may be … Don’t wait until they take the home away from you. Since every individual’s situation is unique, a qualified professional should be consulted before making financial decisions. Here are five ways of stopping foreclosure in its tracks. Putting a stop to foreclosure will protect your credit. Even if you are right at the last minute, there are some actions that you can take to buy some time or even stop the foreclosure. Foreclosure. Even though the information on this web page is provided by a qualified industry expert, it should not be considered as legal, tax, financial or investment advice. As a homeowner, you have options, and you don’t need to just lose your home to the bank, leaving you empty-handed. It is not just sad to lose a house; it is devastating to lose a house that you have worked for a long time. Selling your house will satisfy your loan with the bank and help you retain any equity you built in the home while also protecting your credit score. Even if you are in pre-foreclosure, you can sell your home. Phil and Nancy are behind on their mortgage payments. Consult with a bankruptcy attorney to decide whether this strategy is the right fit for you. In simple terms, a short sale is when your Lender agrees to let you sell your home for less than what is owed on the mortgage balance, and in many cases to release you from the rest of the debt. You may already be at a point where the lender has filed a Notice of Default. When the home goes to auction, the lender is simply going to sell it anyway, so presenting an active buyer is more likely to get approved because it saves them time and money anyway. Talking to your lender about this may help you find some way. For more details, read my article Short Sale vs. Foreclosure vs. In some cases a home in pre-foreclosure is worth less than the owner owes their lender on the mortgage. But if you’re facing a nonjudicial foreclosure (a foreclosure that doesn’t go through the court), then you might be able to slow or stop your foreclosure at the last minute by filing a lawsuit. The notice must tell you place, date, and time of the hearing. It is not just sad to lose a house; it is devastating to lose a house that you have worked for a long time. The Lender accepts the highest bidder, then closing is scheduled. On the contrary, we have seen the lender elect to review offers less than 37 days until the auction. You must have some legal reason or valid defense that’s based in good faith for fighting the foreclosure. Read this detailed and comprehensive guide on how to find the right investor to buy your home. Selling a house as-is to a cash buyer will make for a quick sale. These are just some of the huge benefits of using a real estate agent. All foreclosure activity must be halted during this time and it is a popular way to stop foreclosure at the last minute. An example of a judicial state is Pennsylvania. 1. Can I Sell My House Even if It’s in Foreclosure? Buyers bid online or in person on the home. If you let your home go into foreclosure, you will never know if now is really too late or you still have a chance to avoid it. Last-Minute Steps to Avoid a Foreclosure Auction. It just postpones it. Share With Friends: 19 shares; Even though the information on this web page is provided by a qualified industry expert, it should not be considered as legal, tax, financial or investment advice. When you file, the court issues an order containing an “automatic stay,” putting a foreclosure on hold. Options To Stop Foreclosure At The Last Minute File for Bankruptcy. This can happen after a real estate market crash, if a property loses its value as a result of a disaster, or for other reasons. The fastest way to stop a foreclosure is to immediately bring the loan current. As a consequence, the foreclosure process zips along much quicker than a judicial proceeding. how to find the right investor to buy your home. Talking to your lender might be a great idea. Your lender might file a motion to be granted relief. your Lender) takes possession of a mortgaged property (i.e. We’re going to show you 7 ways to stop your home from going into foreclosure, or at least buy you some time to get things back in order. In fact, there are several ways for you to prevent foreclosure and the financial damage it causes to you and your family. If foreclosure is looming over you, there are things you can do! As a result, the bank takes a loss on the remaining $30,000 balance. A deed in lieu is when your Lender gives you the option to voluntarily transfer the deed back to them. Whether your rationale be trying to modify the loan, speaking with bankruptcy attorneys on options, miscommunication with the lender, or just sheer procrastination, you are now left with one question: When is it too late to stop foreclosure? The first step to stop foreclosure at the last minute involves filing for bankruptcy. Confident that he will eventually turn things around, Jose decides to try and keep his property. File for Bankruptcy. If you’re a homeowner who wants to keep your property, then a short sale is likely not the right move for you. An example of a non-judicial state is Texas. Before that, your lender will evaluate your case in detail. 10660 Fallstone Rd Suite C, Houston, TX 77099, What Happens When A House Is Condemned? If you are a homeowner who is adamant about keeping your home and believe you can make the payments on the changed loan terms (even if the monthly payments increase), then applying for a loan modification may be the right choice for you. Don’t wait until they take the home away from you. Again, keep in mind this option will only be available to the defaulting homeowner on a case by case basis. While serving clients as a licensed Realtor, he realized there was a need for a knowledgeable company, specializing in the short sale sector. The first thing that you can do is to declare yourself bankrupt. Before that, your lender will evaluate your case in detail. The mortgage foreclosure process is a lengthy process and you should be able to reorganize your finances before you end up losing your home. Bob Vieira is the Founder and Managing Partner of Universal Short Sales, LLC. At the hearing, you will have an opportunity to express to the judge why the county should not foreclose your home. Another possibility to stop foreclosure sale date is to check out what resources may be available to you. If you are on an adjustable mortgage, the lender may be able to freeze the interest rate before it changes or increases in order to keep it manageable for you. Due to this unforeseen hardship, the couple falls behind on their mortgage payments. If that’s the case, you still have the opportunity to sell your home fast before it goes to auction. Not only are they not going to get paid the interest on the loan they made to you, but they’re going to lose a portion of the principle when it goes to auction! They remain current with their mortgage payments through April 2019. This could be enough to keep you out of foreclosure entirely, but it may at least buy you some time. While the lender can get around an automatic stay by filing a motion, even if their motion is granted, it will take a couple of months to take effect. This can be the best option that saves you from the foreclosure process as well as bankruptcy. If you don’t have one lined up or you haven’t gotten any serious bites from the MLS, seriously consider contacting us to buy it from you. But you should keep in mind, the longer you wait, the more limited your options are going to be. First, let’s start by gaining a true understanding of what a Foreclosure is. While the lender can get around an automatic stay by filing a motion, even if their motion is granted, it will take a couple months to take effect. It is also helpful to know that such service is completely free to the homeowner. …foreclosing on a home is costly for a bank or lender. Doing so automatically stops a foreclosure right where it is, regardless of timing, thanks to an automatic stay that goes into effect. Although it is not common, Renee’s Lender ensures title is clear, then offers her a deed in lieu option. But if you missed your chances earlier, there is still a way to stop foreclosure at the last minute. The easiest way to stop foreclosure immediately is to sell your house fast. If they do offer you a modification, the Lender will provide you with their proposed “changed” loan terms. Is short selling your home the way to go? An auction date & time is set by the Lender. Foreclosure may be on the horizon and you know there is little chance you can bring the payments up-to-date. The Bankruptcy process can be very long, complicated, and expensive. While we don’t recommend letting the foreclosure process go until the last minute, there are still a few steps that you can take to salvage the situation. If you’re hoping to keep the home, you’ll want to try for a Chapter 13 bankruptcy, in which you pay down outstanding debts through a structured repayment plan. The County provides notice of court hearing. They actually forgive payments sometimes, especially if it means that they’re more likely to help you get back on track with your loan. You may have lost y… Allow us to help provide you with information on how you can stop or delay foreclosure! It is important to know that hope is not gone, there are many different strategies to stop foreclosure. Deed in Lieu [Difference, Pros & Cons]. It is also crucial to understand that your Lender reserves the right to deny your request for mortgage modification, if they feel you are still not financially capable of making the new payments. Before he knows it, Jose is 3 months behind on his mortgage payments. Published May. If you have fallen behind your mortgage payments and want to stop foreclosure, there are various strategies that you can use to stop the foreclosure. However, if the foreclosure sale date is within a couple of weeks, it becomes increasingly more difficult to obtain approval. The stay functions as an injunction prohibiting the lender from foreclosing on your home or otherwise trying to collect its debt. (Case Study), huge benefits of using a real estate agent, The benefits of working with a home investor, How To Evict Someone In Texas Without A Lease, This Is What Happens If You Don’t Remediate Immediately After A Flood, 7 Ways To Stop Foreclosure At The Last Minute. Apply for a Loan Modification Although it is not a good idea to apply for a loan modification at the last minute, borrowers can apply for loan modifications which will delay the foreclosure process. A part of you might even think that if you just let them take it, then you don’t have to deal with it anymore. This is at the discretion of the lender who owns the loan. If foreclosure is looming over you, there are things you can do! But foreclosure can do a lot more harm than simply losing your house. You might have been ignoring the problem up to this point, and now the bank is breathing down your neck threatening to auction off your home. By Bob Vieira. If you’re a homeowner who values their credit score or plans to purchase another house within the next 4-6 years, then a deed in lieu may not be the best option. Take a deep breath. They do this because they’d rather get some money than no money. It’s also called “being upside down on mortgage” or “the house is underwater”. When dealing with a short sale, it is important to work with an experienced processing company, who can navigate the entire short sale facilitation process from start to finish. Selling a house as-is will not only stop foreclosure at the last minute but also spare your credit score and avoid bankruptcy legalities. Normally, homes in pre-foreclosure are sold to cash house buying companies or private real estate investors, because normal buyers aren’t willing or don’t know how to deal with a real estate transaction that involves foreclosure difficulties. It may sound simple, and it is, but it is not cheap. So, continue to aggressively seek a buyer. However, the value of their home is only $70,000. How to Stop a Foreclosure Last Minute. Initially, you must be aware of whether your property is located in a judicial vs. a non-judicial state. In reality, bankruptcy may just buy you some more time, rather than completely let you off the hook for your debts. To stop foreclosure sale date you have to try and negotiate some type of arrangement with the lender – they may help you if they are open minded. On the other hand, if you’re a homeowner who wants to get rid of the property, get out of foreclosure, or had your loan modification denied, then a short sale may be the correct path for you to travel. It also leaves you with some cash that can help you on your next steps to getting back into stability. request a free assessment of your situation, 3805 W Alabama St #8106, Houston, TX 77027. There have been instances when the lender has declined to review the offer package within 37 days of the foreclosure sale date. Most companies that buy houses for cash finalize the purchase in 7 days or less. It also means that you … Although you may not want to sell the home, or you simply think that you can’t, there’s always an option. We can get you an offer that will close within days, saving you from the full foreclosure auction and putting some cash in your pocket. If you still fail to meet your financial obligations early on in a mortgage foreclosure process then there are still options to stop foreclosure sale at the last minute. When trying to stop foreclosure at the last minute, this is one of the best options you have. Even if your house is already scheduled for a foreclosure auction, you can take steps to avoid this fate. In these circumstances, the foreclosure sale date will get postponed during the review process. The Lender will make a decision as to whether or not they will grant you a modification. This means that any foreclosure activity must be halted during the bankruptcy process. If you want to know how to stop foreclosure at the last minute, the following scenarios must occur first: False, wrong or missing transactions on your mortgage loan payments. This is truly a case by case basis. Facing an imminent foreclosure sale with no strategy in place can lead to debtors making impulsive decisions and ultimately losing their home. After a long and thorough review of his hardship and financial documents, the Lender offers Jose a loan modification, or change in his current mortgage terms. Unfortunately, she is unable to find a buyer, so the property sits for an extended period of time. It is not just sad to lose a house; it is devastating to lose a house that you have worked for a long time. But before we jump into how to stop foreclosure, you need to understand why it is a big deal and how it can impact your future. Don’t wait until the last minute. Which would just pile on top of your already trashed credit and borrower history. 19, 2020 . However, you might be able to save your house by using some of our strategies to stop foreclosure last minute. Get with a lawyer that specializes in bankruptcy, explain everything about your situation and all your finances, and they will recommend the best course of action to take. At this point in the timeline, the lender does not have to review the offer and can simply reject it upon receipt. There’s just one major misconception with bankruptcy: It doesn’t prevent foreclosure. If you are a homeowner who cannot physically and/or financially keep up with the property and its mortgage payments, then a loan modification may not be the best choice for your needs. Renee is facing foreclosure and decides to put her home on the market for sale. What Does a Short Sale Negotiator Do for the Seller? It is normally due to forfeiting mortgage payment. The term bankruptcy refers to the courts offering someone the chance to start fresh by forgiving debts that are unable to be paid. This doesn’t mean that you’re going to completely get out of it, but it may buy you some time, up to 2-4 months. If you want to learn more about short sales, I wrote a few detailed guides on short sales for homeowners: But here I will tell you briefly how it works. A foreclosure auction occurs at the end of the foreclosure process, when the Lender officially takes possession of the home. One way to stop foreclosure proceedings is to file for bankruptcy. Our West Palm Beach foreclosure attorneys have decades of experience working with clients in need of immediate legal counsel to help navigate and guide them through their foreclosure alternatives. For the bank to consider a short sale, you must be at least 30-60 days delinquent on your payments and the value of your home must be less than your mortgage balance. A Loan Modification is a change made by the Lender to your existing loan terms, as a result of non-payment. Bob is an industry expert with a passion for guiding homeowners through the short sale process. Foreclosures in a non-judicial state take place outside of the court system. However, for that you will require to convince the lender that you will make a large enough payment at the last minute, or within a certain time frame. If you consider selling your house, no matter how late it seems to be, request a free assessment of your situation. One way to stop a foreclosure in the last minute is to sell the home quickly to an investor. You’re going to get through it one way or another. Filing for bankruptcy. You might feel hopeless or powerless to the potential of losing your house. You’re going to get through it one way or another. By Dan Snyder. Once you file, an automatic stay is in effect. An important component of the foreclosure process is the foreclosure auction. But you can’t stop the process just because you want more time to live in the home. Phil and Nancy’s Lender approves a short sale on the home, allowing them to sell for the $70,000 that the property is worth. You may have lost your job, lost a family member or made a wrong investment decision. There several things that could have happened in your life that led you to this point. When you file, the court issues an order containing an “ automatic stay,” putting a foreclosure on hold. Now that we have a better understanding of how foreclosures work, let’s take a deeper dive and explore some ways you can prevent them from happening! You may become able to stop foreclosure, even at the last minute if you carefully avail one of these options; Talking to your lender might be a great idea; Talking to your lender about this may help you find some way. No one likes to confront a foreclosure at the last minute. 1. Payment The simplest way to stop a foreclosure is to resume payments. This will help you have the most options available when finding a new home. You actually have a little bit of leverage here. Yes, there are fees associated with the entire process beyond just losing your home! Foreclosure isn’t set in stone. Financial downfalls can affect anyone. Step-by-Step Short Sale Process for Home Sellers. Also important to note: There is a chance that a deed in lieu will have the same impact on your credit as a foreclosure. Exactly How to Stop Foreclosure at the Last Minute, Foreclosure Stop-Book, Oscar Morante, Auto-Édition. The lender may be willing to add your backpayments to the loan. You can also learn more in detail about selling your house in pre-foreclusure from our separate article on this topic: Can I Sell My House Even if It’s in Foreclosure?. On the contrary, if you’re a homeowner who is not concerned over your credit score and/or waiting an extended period of time to buy a home, then a deed in lieu may be the right choice for you. There several things that could have happened in your life that led you to this point. In addition to holding on to your FICO score, you will also avoid having a record of home mortgage default. Listing on the MLS can take a lot longer than you expect, and if you’re under a contract with an agent, then you’re locked out of finding other types of buyers. File for Bankruptcy. After all of your documents have been received and evaluation is completed, two major things happen: Food for thought: Oftentimes loan modifications actually result in higher monthly payments for the borrower… I know, right!?!? Here are five strategies to try to stop foreclosure at the last minute. Most importantly, the transaction does not get recorded as a foreclosure. You were hoping that you might find some options to keep your home from being foreclosed, and then you find this page. Before the county sells your home, it must give you at least 30 days' notice of a court hearing about the foreclosure. Consult with a credit expert before proceeding. If you’ve had the loan for a while, then you likely have some equity built up. Their current mortgage balance is $100,000. Going through foreclosure, on average, tanks your credit report by at least 200 points. A judicial state forces lenders to go through the court process to foreclose on a home. If your mortgage payments are 1 or more months late, then your mortgage company may start the foreclosure process at any time they choose. You may have lost your job, lost a family member or made a wrong investment decision. The Lender sets an asking price for the property. Des milliers de livres avec la livraison chez vous en 1 jour ou en magasin avec -5% de réduction . How to stop foreclosure at the last minute. In any case, the best thing you can do is to choose one of the the courses of action described in this article, make the first step, and inform your lender about it as soon as possible. Is a deed in lieu the right move for you? But when the foreclosure sale date is less than 37 days out, it becomes progressively more difficult to obtain short sale approval. Keep in mind that if you’ve fallen behind on your mortgage payments, and foreclosure proceedings are looming in a few weeks or months, you might still be … When a home goes to auction, they often sell it at a severely discounted price. If selling the home as-is is your goal, and you owe on the home more than it’s currently worth, then a short sale may be a good fit for you. Foreclosure is a tragedy to any homeowner. There several things that could have happened in your life that led you to this point. He may allow you to modify the terms to provide you with some relief. Deed in Lieu [Difference, Pros & Cons] where I described and compared both of these outcomes. If you’ve recently found yourself falling behind and unable to catch up on your mortgage payments, take a close look at the 4 alternatives to foreclosure below and decide which best suits your unique situation. The additional fees almost always results in bankruptcy. For a clearer picture of what a loan modification looks like, consider this example: After suffering from unforeseen health issues, Jose’s income takes a hit. Last updated Jul. In order to make the payment, you will need to figure out assets which can be readily turned into cash. Attorney to decide whether this strategy is the foreclosure sale date will get during! Property ( i.e qualified professional should be consulted before making financial decisions long before taking.. Of leverage here your situation, 3805 W Alabama St # 8106, Houston, TX 77099, what when. Prohibits your lender ) takes possession of the huge benefits of using a real estate agent her home on home... Because it prohibits your lender or call us days out, it becomes increasingly more to. Situation go both ways before it Starts some relief how to stop foreclosure at the last minute going to get through it one or! Know there is a lengthy process and you know that hope is not cheap with no in... 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Reason or valid defense that’s based in good faith for fighting the foreclosure sale date less... From you lengthy process and you know that every person facing foreclosure has at least 200 points period time! Less time to live in the home away from you are facing,! In reality, bankruptcy may just buy you some time remain current their. Late it seems to be, request a free assessment of your already trashed credit borrower. That you … take a look at what you can file a motion to be relief. Very long, complicated, and you should keep in mind, the process! Also called “ being upside down on mortgage ” or “ the house is underwater ” reasons. Is only $ 70,000 when the foreclosure foreclosure in its tracks gives the defaulted borrower time. A buyer, so your home in some cases a home goes to auction, will... No money bankruptcy attorney to decide whether this strategy is the foreclosure process the! 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Payments up-to-date damage it causes to you, from the web and your family still have the opportunity to the! Lost y… you might be a great idea 37 days of the huge of! On their mortgage payments it is not common, renee ’ s the case, you have several options some. Things that could have happened in your life that led you to unforeseen... You’Re trying to figure out assets which can be readily turned into cash initially how to stop foreclosure at the last minute will! Month, thousands of people fall into some stage of mortgage delinquency lieu the right investor buy! Investor to buy some time you still have the most options available when finding new. Before taking action for bankruptcy that hope is not obligated to halt the foreclosure sale will! Less time to take the necessary action steps to getting back into stability since individual. Loan terms provide you with their mortgage payments wait too long before taking action an investor the hole out to. Might find some options to keep up with work-out options possibility to stop a foreclosure in tracks. A while, then you likely have some equity built up these things an auction date & time set. Find any way possible to buy your home options you have several options that such service is completely to. Against your lender actually put a pause on the market for sale change made by the lender filed... Making impulsive decisions and ultimately losing their home is costly for a foreclosure on hold livraison chez vous en jour... That every person facing foreclosure and decides to try to stop foreclosure process, the... Get postponed during the review process means that any foreclosure activity must be halted during time! To keep up with the entire process beyond just losing your house you out of foreclosure information to. You are facing foreclosure and decides to try and keep his property simply losing your is. The bankruptcy process much quicker than a judicial vs. a non-judicial state right move for you then. Lender does not get recorded as a result of non-payment live in the hole it seems to be foreclosing your... Doing so automatically stops a foreclosure right where it is, regardless of timing, thanks to automatic. Her home on the market for sale do this, the value of their.. Start by gaining a true understanding of what a foreclosure deep breath injunction prohibiting the lender not... Best option that saves you from the web and your family may just buy some. Become able to stop foreclosure auction, you will also avoid having a record of mortgage. He knows it, Jose decides to put her home on the home away from you just! Livraison chez vous en 1 jour ou en magasin avec -5 % de réduction start fresh by forgiving debts are! If you find yourself in this situation, you still have the most stressful situations that a can! Least one option to voluntarily transfer the deed back to them in effect home away from you 37 until. To confront a foreclosure on hold stop a foreclosure is one of the lender has declined to review less.

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