Foreclosure Help: How to Save Your House
Foreclosure is legal process in which the lender seizes property of a homeowner who has fallen behind on payments. It is a word no homeowner under mortgage wants to hear. Getting foreclosure help is necessary to save your house. If you are afraid to answer the phone, you should realize you still have time to save your home. You have to act immediately because things can turn ugly. Ignoring the issue will not help the situation. Banks would rather not foreclose since they lose money. There are steps to take that may help you keep your home.
Try to Negotiate
Many lenders are more than willing to negotiate a new lower payment. This is better than avoiding phone calls and letters from your lender. You may be able to get a lower payment so you can catch up which benefits everyone. The bank gets their money and you keep your home. You may want t enlist the help of a lawyer during this time. Foreclosure laws can be complex and the lawyer could act as your middleman making certain the bank follows the correct procedure.
The bank cannot just come take your home without following the law. You also may want to look into programs in your community that could help save your home. There are also programs on the national or state level to help homeowners. Another way to save your home is through bankruptcy. Bankruptcy is a legal process which absolves you of debts.
When you file bankruptcy, creditors can no longer contact you about debt. However, it should be used as a last resort when everything else you try fail. You may be required to sell assets depending on which type of bankruptcy you file. If you do not have many assets, Chapter 7 is ideal. You must pass an income test to determine if you qualify. Chapter 13 provides you a means of paying off creditors without severely impacting credit.
Just because you get a foreclosure notice does not mean you are without options. Banks must give you time to save your home before they take it. You do need to act fast and come up with a strategy. The only thing you can do is try.