Foreclosure is your mortgage lender’s way to take back your house if you become delinquent on your mortgage note. Some lenders act more quickly than others, while some take a while to start the foreclosure process. In either case, you need to know that there are things you can to do prevent a foreclosure and save your house. If you are in this situation, let us help by explaining your options and putting a plan in action that will keep your family under the same roof they’ve enjoyed for years.
Two good ways to prevent a foreclosure are:
• Negotiate with your lender for a lower interest rate, or for more manageable payment options. You can do this by asking to have your mortgage loan modified, and you can also do this by working out solutions that defer past due payments until the end of the loan term or by some other creative financing option. The key thing to keep in mind here is that lender negotiations take on many different forms. You have no doubt heard of mortgage modifications, and the HARP or HAMP programs, but it is important to remember that these are not the only options. It is also important to know having a trained legal professional engage in negotiations for you gives you an edge over trying to take on the bank by yourself.
• File for the protection of bankruptcy, which puts an automatic stop to any foreclosure efforts your lender has undertaken. And, if your lender has not yet initiated foreclosure, filing bankruptcy will prevent the lender from doing so. Do keep in mind though that bankruptcy is not a way to keep your home without paying, so you will have to develop a repayment plan through your bankruptcy. The benefit of filing for bankruptcy is that you get an immediate reprieve from collection and foreclosure efforts, which gives you the time to come up with a plan you can handle.
There may be other options for you as well, depending on the specific facts of your case. To find out what will work best for you, a careful analysis of your situation is required. Our team of legal professionals is dedicated to helping you get out of crisis mode, and into a stable financial condition. We can help you save your home, your car, and stave of garnishment proceedings from overwhelming credit card debt.
For more information about how to handle overwhelming debt, contact us at www.DsouzaLegalGroup.com. We will help by coming up with solutions that work for you.