When you realized that you were over 60 days behind on your home’s mortgage payments, you had a sinking feeling come over you. You know that missing it for too long could result in foreclosure among other problems for you.
Foreclosure isn’t personal, but it can feel like it is. After all, you’ve lived in this home and made it into a place where you feel comfortable and loved. You may raise a family there or have moved in here with loved ones. Still, if you can’t afford to pay the mortgage, that home could be at risk of being foreclosed on.
Are there ways that you can stop foreclosure?
Yes, there are. Fortunately, there are many ways that you can stop foreclosure and work toward resolving your situation. However, you do need to be proactive. For example, you can’t ignore the issue. If you do nothing, the likelihood of a foreclosure completing is much higher than if you call your attorney or reach out to the lender.
When you know that you’re going to struggle to pay a month of your mortgage or are aware that you’ve missed a payment, contact your lender. Let them know right away so that you can learn about potential alternatives. They may forgive a missed payment, waive fees or take other steps to help you get back on track.
If a foreclosure is already looming, you may want to discuss a bankruptcy with your attorney. Bankruptcies can help put your foreclosure on hold, so you can find ways to catch up on your payments.