How to Avoid Facing an Event of Foreclosure

You have missed the past few mortgage payments, your lender is calling you nonstop, and you have recently lost your job. So what do you do when you get a notice that your home is going to a foreclosure sale? Click here to find out how a foreclosure lawyer can help you get your payments on track, avoid the foreclosure process, and avoid the possibility of being thrown out on the street, even if you are behind on your payments.

Speak to your lender –
Don’t simply walk away, even if threats have been made. The housing market has seen a few downturns in recent years, so if the lender can keep you in the home, they will typically choose to do so. Before you simply let your home go, try to negotiate. Discuss foreclosure payment options, refinancing, government help, or even filing for bankruptcy. Lenders are willing to work with most borrowers; especially if you previously made payments on time. So don’t simply let your home go, discuss some options with your lender before doing so.

Don’t wait – 

The sooner you talk to your lender about your situation, the better. Don’t wait until you get the final foreclosure notice to contact them. Further, if at all possible, speak to a bankruptcy or foreclosure lawyer. Not only will they guide you and inform you of your rights, but might work on your behalf with your lender, to set up payment plan options, and other alternatives to avoid having your home put up for sale in a foreclosure sale.

Consider loan options – 

Loan modification, refinancing, loan reinstatement, and government financing, are options which are available to most homeowners. Due to the fact that you can’t afford your current mortgage, for any number of reasons, many lenders will at least offer you a modification or possibly refinance to help set up a lower payment plan. It is important to know what your options are, how you can reassess your payments, and where you can possibly receive financial help from (including government sources) so you don’t simply lose your home during a troubling period in your life.

If all else fails, hire a lawyer – 

In some cases, bankruptcy might be the ultimate solution to avoiding having your home lost in a foreclosure sale. If you need to go through something like a home refinancing program (government resources) you have a few options available to you. Your lawyer will not only inform you of your rights, but will work with your lender on your behalf, to determine your rights. Whether it is avoiding the harassing calls when filing for bankruptcy, or setting up other payment plan options, the right legal team will help you keep your home, and keep your family safe when you are struggling to make ends meet.

Just because you have missed a few payments doesn’t automatically mean your home will go into foreclosure. Even if you receive threats you have options. Consider some of these to avoid losing your home, and to possibly work out a financial solution you can afford with your lender.