Whether the economy is doing well or poorly, Americans go through financial crises all the time. You never know when something will happen to you or your family, such as a death or job loss, that is out of your immediate control and that you cannot predict. Therefore, if something happens and it becomes very difficult to continue making payments on your mortgage, you could face the possible foreclosure of your home.
When Does Foreclosure Happen?
When the company that issued your mortgage loan does not receive sufficient payment, they can choose to try to confiscate your home. If successful, the company could then sell your house at auction in order to try to gain back as much money as possible on their investment. This can be very frustrating and stressful for homeowners like you who work so hard to pay and upkeep their homes.
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Thankfully, there are options available for you if you want to try and prevent your lending company from repossessing your family's home. If you are able to show that you didn't make payments because of a considerable, unexpected hardship, you may be able to stop foreclosure. These hardships could be:
Debilitating Injury Divorce Loss of a Job Required Military Service
If you are in one of these situations, or another devastating financial situation, you deserve to have a chance to keep the home that you have worked so hard for. While there is no guarantee that you will be able to keep your home, an experienced foreclosure defense attorney can increase your chances of avoiding foreclosure and staying in your home.
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