Far too many homeowners give up once the “f-word” (foreclosure) is uttered by a bank or other mortgage lender.
This is a shame as there are many alternatives to foreclosure that allow distressed homeowners to keep their home and/or protect their finances from the damage of a foreclosed property.
An experienced lawyer can make all the difference in guiding you through the foreclosure defense services available to you, including the many alternatives to foreclosure.
Bankruptcy
This is often the best alternative if the threat of foreclosure is driven by debt-related financial difficulties. Chapter 13 bankruptcy is an option if you have steady income that would allow you to make payments on a repayment plan for a three to five-year period. This is often the choice for people struggling with debt who hope to remain in their home while they restructure their financial obligations.
Loan Modification
The best option for those who are underwater on their mortgage but otherwise doing well financially. Loan modification is up to the bank or other mortgage lender to agree to, but can allow modifications to the loan terms in order to aid the borrower in making payments.
We think this is a good option for banks as well. It is better for a bank to receive a payment each month than be stuck with a vacant property after foreclosure.
Debt Negotiation
Negotiating the terms of your other debts may free up the income you need to make your mortgage payment each month and avoid the threat of foreclosure.
What is the best option for you and your family? Contact us today to find out in a free consultation.
