One of the greatest mistakes that people make is ignore notices from their mortgage lender. Unless you are planning to live in your house for as long as possible and intend to allow the bank to foreclose on you - you have to start taking action now.
There are alternatives to foreclosure and the more familiar you become with them, the more you will be able to take control of your situation. It would be unfortunate for you to lose your home to a situation that could have been repaired with the right assistance from a foreclosure defense attorney.
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The first step is to confront the problem - don't ignore it. The further behind you become, the more difficult it will be to reinstate the loan and the greater the chances that you will lose your house.
Be sure to open all of your mail from your lender - don't throw it in the trash. You will need to bring those documents to your lawyer. Next, find your loan documents and get familiar with what your lender will do if you default on your payments. You will also want your attorney to take a look at these documents, in addition to any notices that you might have received. You and your lawyer will then assess your situation and discuss your options.
What are the alternatives to foreclosure?
If you decide to do nothing - you will eventually lose your home and be held liable for deficiencies on lender losses. This will reflect on your credit report, which could be followed by a judgment.
Another option is forbearance. This occurs when lenders temporarily suspend the borrower's monthly mortgage payments. Mortgage forbearance options will vary by lender and the relief can last as long as six months or longer. This short term fix allows borrowers the time to either find a long-term financial solution or time to work on a loan modification.
Loan modification consists of getting your current lender to modify the debt and/or extend the terms of the loan. Your attorney will be able to give you an idea if you qualify. You will have to submit an application and meet the hardship criteria.
In a short sale, people who cannot qualify for a loan modification may be able to sell their home to a third party even if they owe more than their house is worth. On the other hand, people who don't want to stay in a home with extensive negative equity might prefer this option.
Instead of foreclosing, you can give your home back to the bank. This is referred to as a deed in lieu of foreclosure. When this happens, the bank usually requires that the home be well maintained, and for all payments and taxes to be current.
Bankruptcy can either allow more time (as in a Chapter 7), or it can be reorganized in a Chapter 13 bankruptcy - possibly allowing you to keep your home. There is really no better route than to consult with a professional foreclosure defense lawyer. They will be able to fully assess your situation and properly present your alternatives. Some solutions may apply to you; however, it's extremely important that you have a full understanding of the consequences associated with each option.
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