Finding out that your home may be headed for foreclosure is upsetting and overwhelming, but unfortunately, it is something you need to confront as soon as possible if you would like to try and keep your house. If you are able to succeed, you’ll have the headache of foreclosure gone and you’ll be able to focus on your life again. If you’re feeling stuck, a Miami Foreclosure Lawyer can help.
1. Try To Work Things Out With The Lender
Even if you have received negative communication in the past, it’s often not in the lender’s best interests to be involved in a foreclosure, either. They more than likely are willing to work something out. Don’t just throw your hands up if you feel like the situation has gotten out of control. Instead, try to explain what’s going on to the lender right away if you think you are going to miss a payment or a few payments. Some studies show that a foreclosure can cost a lender up to $30,000, and that doesn’t even include the hassle and administration it takes to process a foreclosure. They may be willing to work out some kind of arrangement with you rather than go through the red tape.
2. Attempt To Modify The Loan
You might be able to change your loan terms if you open up a dialogue with your lender about the problems you are facing. You could extend the period of the loan so that your monthly payment goes down. You could also walk through whether it’s an option to change the interest rate, so that lowering it also impacts your monthly payments. Finally, you may be able to switch from an adjustable rate to a fixed one. If the lender won’t help, consider hiring a Florida bankruptcy lawyer to discuss your options.
3. Request Guidance On Forbearance
This is a temporary way to stop foreclosure proceedings, but if you feel like you simply need some time, this method could be a good solution for you. It may allow for partial payments or possibly even no mortgage payments over a period of time agreed upon by you and the lender. At some point, however, you’re going to have to get caught up on paying the loans. Make sure that you are positive about being able to get caught up in the future, otherwise you might find yourself buried in an even bigger hole with the threat of foreclosure still hanging over your head.
4. Consider Professional Help
If you feel like communication between you and the lender is not proceeding in an effective manner, perhaps the best course of action is to hire someone who can protect your interests and help identify a possible compromise. A seasoned bankruptcy attorney can discuss your financial state with you and determine what the best course of action would be for you and your family. At the Law Firm of Joel M. Aresty, P.A., we can work with you to determine how best to stop an imminent foreclosure and get your finances back on track. Call us today for a consultation.