There are many reasons you can fall behind on mortgage payments and face foreclosure – job loss, illness, divorce, and unemployment. Therefore, understanding your unique situation will determine the most useful and proper steps to take. Regardless of the approach, you can save your home from foreclosure.
How do you determine the best solution?
It depends on where you are in the foreclosure process:
Pre-foreclosure means a foreclosure lawsuit has not yet been filed against you.
Post-foreclosure means you have received notice of a pending foreclosure lawsuit.
Other factors that must be considered are:
- Is the property your primary residence?
- Do you still reside there?
- Did you receive a foreclosure notice?
- Have you had a hardship in the last 12 months?
- Have you filed bankruptcy in the past?
- How many mortgages are on the property?
Having this information will allow you to understand your situation and determine better solutions with your lender. Also, the right attorney can ensure you are represented – responding to bank notices, working with the lender on negotiations, or litigation if needed.
Financial troubles and foreclosure are difficult emotionally – get the help you need to see if you can halt foreclosure, save your home, lower your payments, or get a loan modification.
A loan modification is simply a change to the terms of your original mortgage. To qualify for a loan modification, you must be dealing with financial hardship, unable to pay your current mortgage payments, and show you can afford a modified payment schedule.
Don’t wait – the faster you act, the better chance you have at keeping your home! The first step is to give us a call. We will listen to you, understand your situation, and formulate a plan. At the end of the day, it is our goal to keep you and your family in your home.