How to Stop a Foreclosure
It’s easy to get behind on bills. While it’s important to pay bills like mortgages, sometimes it’s hard to keep up. Even if you have a seemingly decent job, you could be the victim of a layoff at any time. Or you could suffer a serious disability and rack up tens or even hundreds of thousands of dollars in medical bills.
However, not paying your mortgage is a serious issue. If you get behind on payments, you go into default. The foreclosure process starts, which means the lender will take away your home.
The good news is that you can stop the foreclosure process. You will need to find a way to catch up on payments, and do it quickly, before the lender takes control. Want to keep your home and stop foreclosure? Here are the actions you need to take.
Talk to Your Lender
Many people avoid their debts and hope they will go away, but that’s not the case, especially with a house. If you’re not making payments, your lender will find out and they’ll want you to take action.
If you are experiencing financial difficulties, it’s best to talk to your lender and let them know your situation. They may sympathize with you and try to come up with a solution. The longer you wait, the harder it will be to catch up. Discuss your situation now and see what they can do to help.
Ask for a Forbearance
A forbearance allows you to put your mortgage payments on hold for a temporary period of time. This allows you time to start earning regular income so you can start making regular payments again. A forbearance may be helpful if you were injured or laid off and unable to work for a short period of time. Just keep in mind that you will have to make extra payments at the end of your loan period to get caught up.
Request a Loan Modification
A loan modification, as the name implies, modifies the loan in some way. It doesn’t pay off your current mortgage. Instead, it changes the conditions of your current loan to make it easier for you to make payments. Various terms may be altered. In some cases, the loan is extended, allowing for smaller monthly payments. Your interest rate may also be lowered to make your payments even smaller. A loan modification is a good option if you are not eligible to refinance the mortgage.
Seek Legal Help
When you miss payments on your home, foreclosure is possible. If you want to keep your home, you need to understand your options.
Fort Lauderdale foreclosure defense lawyer Edward J. Jennings, P.A. can help you fight back against your lender. Multiple foreclosure defenses may be available. See which one is right for you. Schedule a consultation today by calling 954-764-4330 or filling out the online form.