Several non-bankruptcy options are available for homeowners with mortgage payment difficulties. If your only debt issue is a delinquent mortgage, then quick action and attention to detail can often solve the problem before it gets out of control. Options may include workouts, modifications,and refinancing. Relief may come from free government programs, fee-based lender options, or lawsuits against predatory lenders.
WARNING: If you are behind on your mortgage more than 30 days, you WILL receive solicitations and offers from illegitimate businesses. Be wary of anyone (except your lender/servicer) who contacts you with offers to help solve your mortgage problems. Specifically:
You can stop foreclosure without filing bankruptcy. Unfortunately, all legitimate options are only available under the right circumstances for a short period of time. If you miss that opportunity, it is gone. It is important to take the correct action immediately when you realize you have a problem. If you do not, then bankruptcy may be the only option that allows you to keep your home.
The process generally starts with the recognition that you’ve already missed mortgage payments or will soon miss mortgage payments, and you won’t be able to catch up. The next step is to notify the correct party you have a problem paying your mortgage. In some situations, this will be the mortgage lender. Or, it may be the mortgage servicer. Or, the law firm that represents the mortgage lender or servicer. Or, it maybe a third-party agency or counselor.
You will be requested to provide specific paperwork and documents. You’ll have long and complicated forms to complete. You’ll probably be asked to provide the same documents more than once.
If you manage to complete all the steps correctly, you’ll probably be extended an offer. That offer can be accepted or possibly negotiated to a better offer. Once accepted, the completed offer must be correctly signed and returned for the offer to take effect. Congratulations! You’ve successfully avoided foreclosure.
Call The Ford Law Firm today to see how we can help
with your non-bankruptcy foreclosure prevention.