The economy has taken more than one hit in recent years, which has left a lot of people without work. Without a steady income it can be hard to make ends meet, and sooner or later you will find yourself unable to pay all of your bills as they become due. If the bill you are not able to pay is your house payment though, you stand the chance of having a foreclosure filed and losing your home. Because everyone needs a place to lay their head at night, one of the most important debts to maintain is your mortgage so you can avoid a foreclosure. Unfortunately many homeowners are unaware of their options when it comes to their mortgage, but alternatives do exist.
One way to avoid foreclosure is by filing bankruptcy. A bankruptcy filing will immediately put a stop to any foreclosure efforts and give you a chance to figure out what to do about the mortgage payments. Three other alternatives to foreclosure include:
- Asking your lender to modify the loan. There are many programs available to lenders which allow them to rewrite their own loan. If you qualify you can stop a foreclosure from being filed and may even receive a lower rate and more manageable payments.
- Offer the lender a short sale of the home, which is a sale of the property for less than what is owed in exchange for an agreement that the lender will not foreclose.
- Sign a deed in lieu of foreclosure, which will give title to the property back to the lender and avoid the need to foreclose.
The key is make a choice that works for you, and that is agreeable to your lender. This can require careful negotiation, and we can help. If you are facing a foreclosure, call our office today. We will review your circumstances and work with you to develop a strategy that works.
For more information about mortgage foreclosures, contact us at www.DsouzaLegalGroup.com. We will help by coming up with solutions that work for you.