Foreclosure: The Nightmare You’d Want to Wake up From

Have you missed your mortgage payments? Has your moneylender contacted you to know about your situation? If yes, then you might have to deal with foreclosure very soon. While this is not something that people want to deal with, innumerable Americans experience this bitter truth every year. Encountering foreclosure can be an intimidating experience. Though the U.S. economic situation has seen some improvements over the last few years, not everybody has recovered from financial crisis. Many people still find it difficult to fulfill their financial responsibilities, which often make them miss their tax payments, medical bills, or mortgage payments, thus leading them to the possibility of foreclosure.

So What are Your Options?

You may be scared of foreclosure, but you don’t necessarily have to deal with it. There are multiple ways to handle this situation. A great option to avoid foreclosure is filing for Chapter 13 or Chapter 7 bankruptcy. This is a good way to buy some time. It will make your lender delay the process and will give you some time to rectify the situation. A few beneficial programs are implemented at the federal level to help distressed homeowners handle the situation without losing their properties. One such program is Home Affordable Modification Program. If you qualify for this program, there may be a 40 percent reduction in your mortgage payments. While some programs assist homeowners who have second or third mortgages on their residential properties, others are designed to help those whose homes have lost their value over time and are worth less than the owned mortgage. You can even consider short sale in such circumstances. With this option, you can’t stay in your home, but you are allowed to sell the house for less than what you have to repay.

But How to Decide?

Understanding how all of these options work and deliver ultimate results can be nerve-wracking for you. Confusing information, complicated terminology, and of course, your financial troubles can make the task even more challenging for you. Our attorneys can help you not only understand your options but also evaluate and identify the best plan. With our experts by your side, it can get easy for you to work toward a better future.