Thursday, June 15, 2017
Three Ways To Stop A Foreclosure
Being involved in any type of lawsuit can be confusing, but when the action is one to take your home, you need to act fast. If your house payments are not being made, your mortgage company will start a foreclosure, with the ultimate aim of taking back your house. This will leave you without a place to live, and can cause serious upheaval to your family. If you are facing a foreclosure, let us go over your options with you so you can save your home or end the process quickly.
Three ways to stop a foreclosure are:
• Asking your mortgage company to modify the terms of your mortgage. When successful, a mortgage modification will result in a lower house payment, letting you stay in your house and pay off the debt at a lower rate of interest. This option has to be approved by your current home loan lender, and does require you to fill out an application and follow up for approval. Sometimes the banks can drag their feet making a decision on whether to offer a modification, but we can help speed up the process and handle the transaction for you.
• Refinance your mortgage with a new lender, which pays off your existing mortgage and lets you start fresh with a new mortgage company.
• Offer to give the lender a deed in lieu of the foreclosure, or see if the mortgage company will accept a short sale. These options will not keep you in your house, but they will get you out of the foreclosure so you can make other living arrangements and begin to move forward at a new place.
Filing for bankruptcy is also an option, and not only will doing so allow you to keep your home but it will also take care of your other debts. A bankruptcy case will lower your balances, or wipe them out completely so you no longer have to make payments on all of your loans. Freeing up money in this way allows you to keep more of your paycheck, and this will make it easier for you to make your house payments. There are two different types of consumer bankruptcies, and we can tell you which one you qualify to file.
For more information about how to stop a foreclosure, call us today or reach us online at www.law-ri.com.