If you are facing foreclosure don't give up! There are a lot of potential solutions out there that can help you keep your home.
If you've missed even one mortgage payment the pressure of the debt owed can be suffocating. Don't despair, there are a variety of options that can help you stop foreclosure and keep your home.
1. Inform Your Lender: If you are going to be late or miss a payment let your lender know, they may offer a solution.
2. Modify Your Loan: Loan modification isn't offered by every lender but it is offered by many. Besides short sales, your lender may agree to modification, re-amortization, reinstatement or a repayment plan. Deed in lieu of foreclosure is an option if you want to stop foreclosure, but give back your house. Make sure you are educated on all of your options.
3. Refinance Your Loan: Interest rates are still at record lows making this a great time to refinance and lower your monthly payments. There are also some government programs available to assist homeowners struggling to pay their mortgages.
4. File Chapter 13 Bankruptcy: If you file Chapter 13 Bankruptcy it stops the foreclosure proceedings. The bankruptcy court will set up a payment schedule for you to pay back your debt while continuing to make your mortgage payments, allowing you to keep your home.
If you are not trying to keep your home you can also stop foreclosure by exploring a short sale or selling your home.
If you've fallen behind on your mortgage payments contact Suburban Legal Group PC to help you decide the best option for your financial situation.
This information is an excerpt from our blog post: Am I About to Lose My Home to Foreclosure? What Can I Do?
The article above appeared in the Suburban Legal Group "Debt, Mortgage, Bankruptcy, Foreclosure Newsletter". Issue – 26 | June 2013