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Is It Too Late for Me to Save My Home?

Posted By Ryan Albaugh || 15-Mar-2017

Have you run into financial trouble? As a homeowner, the prospect of losing your house can be devastating. However, once you are facing foreclosure it may seem like you have no other options. Before you give up hope, consider several alternatives that may be available to you as you navigate your current financial circumstances. A skilled foreclosure defense lawyer can walk you through these options and help you make an informed decision about your future.

Stopping a Home Foreclosure

If you find yourself in this situation, don’t panic. Many others have also been in this situation and have been able to work things out in their favor. First, consult with a trusted foreclosure attorney who can explain your options to you and ensure that your rights are protected throughout case proceedings.

Consider exploring these options:

1.Evaluate Your Assets & Make Whatever Payments Possible

Many households are able to make payments and delay foreclosure by utilizing potential cash sources such as disability insurance, unemployment insurance, and savings. If you have anything of value that can be sold, such as cars, trade them in! Cut down on your household budget where possible and make every effort to pay what you can.

2.Contact the Lender about Late or Unpaid Payments

If you know that you will have to make a late mortgage payment, or even not be able to pay your mortgage, let the lender know about your situation as soon as you are able to. Your goal in this situation is to create a “workout” agreement or modification to your mortgage that will result in stopping foreclosure on your home.

3.Consider Different Workout Options

Companies often have a number of options to modify loan arrangements. Although they are not obligated to modify anything, many will.

These choices may include:

  • Loan Modification
  • Repayment Plans
  • Reinstatement
  • VA Refunding
  • FHA Loans
  • Forbearance
  • Private Mortgage Insurers
  • Claim Advance
  • Disaster Relief
  • Re-amortization
  • Deed in Lieu
  • Short Sale
  • Bankruptcy

4.Refinance the Loan

If you know that you have a loan involving small payments for the first several years and then higher monthly payments afterwards, consider refinancing your loan before you need to delay or miss a payment.

Get Legal Guidance from a St. Augustine Bankruptcy Attorney!

With 50 years of collective experience, the legal team at Albaugh Law Firm can capably guide you through whatever circumstances you face and present you with your best options. If you are facing foreclosure and want to learn more about keeping your home, don’t hesitate to get in touch with us.

Contact our firm today for more information about your legal options!

Categories: Foreclosure, Bankruptcy