When there is a possibility that you could have to go through a foreclosure, you may feel that your entire world is falling down around you. This is your home, and you’ve worked hard to get where you are.
It’s true that there are ways to avoid foreclosures and to fight foreclosure proceedings. Here are a few things that may help.
1. Refinance your loan
Depending on your credit score or ability to work with a co-signer, you may be able to refinance your mortgage for a lower rate and payment that you can afford.
2. Negotiate with your lender
Another good tip is to negotiate with your lender. If you tell them that you’re struggling to make payments, many lenders have options for borrowers. They may waive late fees or fines, waive a monthly payment or work with you to reduce your monthly payment until you can afford your regular payment again. You won’t know about the options that are open to you until you ask, so it’s worth calling your lender.
3. Talk to an attorney about bankruptcy
Bankruptcy stops foreclosures in their tracks. If you go through bankruptcy, there is a possibility that you could prevent your home from being sold.
Your attorney will talk to you more about these and other options that may be open to you. It’s difficult to say exactly what options will be open to you since every case is different, but there are many options available to people who are struggling with their finances. The right help can make a difference and help save your home.
