What to Do If You Can’t Pay Your Mortgage

Mortgage Lawyer

If your home is facing foreclosure, you are probably feeling a lot of stress and pressure. You may be scared or angry. You may feel like there is no way out of the situation that you are in.

Luckily, there is still time to take steps to defend yourself from foreclosure and save your home! The best place to start is with an experienced mortgage lawyer who can help you through the process and let you know about your options for saving your home.

Here are a few things you should do if you’re facing foreclosure:

Talk With Your Lender

If you’ve missed a few payments or even one payment, contact your lender and let them know why. If there was some extenuating circumstance that caused you to miss the payment — such as an illness or unexpected job loss — explain that and see if there’s any way to work out an alternate arrangement for paying what you owe. It’s not always possible, but it’s worth trying.

Be aware of deadlines for filing for bankruptcy or other legal action. If you’re considering bankruptcy or some type of alternate proceeding (such as a short sale), be aware of the timeline involved in completing these actions. Act quickly before it’s too late to do anything at all.

Talk With A Mortgage Lawyer

If you are facing a real estate foreclosure, bankruptcy may be able to help. Homes can be saved, past due payments can be caught up and penalties and interest can be eliminated. If the foreclosure is a commercial property, bankruptcy may allow you to keep the property in some instances.

The best way to know if bankruptcy will work is to consult an attorney who has handled many cases involving real estate foreclosures. Our friends at the Leinart Law Firm specialize in bankruptcy cases of every kind and has helped many clients save their homes from foreclosure.

A mortgage lawyer can:

• Negotiate with their lender for a lower monthly payment
• Seek a loan modification to change the terms of their loan
• Fight the foreclosure and defend their home from repossession

A mortgage lawyer can help homeowners understand and protect these rights. An experienced foreclosure attorney knows how lenders must proceed legally when pursuing repossession, and any violation of these procedures may be enough to stay or even dismiss the proceedings against you.

Legal Assistance Is Available

Mortgage lawyers have been in demand for the past several years. In the last few months, however, many of them have seen a drop-off in business. That’s good news for the economy and for homeowners, but it can also be a bit worrying if you’re one of those who still might need to hire an attorney.

Many law firms have long and proud histories of helping homeowners like you save their homes. Their offices are there to help the community with their mortgage issues and help save homes from foreclosure.

There are many reasons why homeowners get in trouble with their mortgage payments, but there are also many things that can be done to stop foreclosure. The first step is to consult with an experienced foreclosure attorney as soon as possible.