How can I slow down the foreclosure process?

How can I slow down the foreclosure process?

| Oct 10, 2020 | Firm News

The thought of losing your home is terrifying, but when you fall behind on your mortgage payments, that is exactly what could happen. Your lender has the right to begin the foreclosure process as soon as you miss just one payment.

If your lender completes the process, you will have to leave your home and lose all rights to the property. Forbes suggests that you take steps to help slow the process so that you have a better chance of getting out of foreclosure.

Communicate with your lender

While your instincts may tell you to ignore the situation, that is the worst thing you can do. Whenever you receive something in the mail from your lender, you should always open it.  It may contain important information about your foreclosure and even offer you options to get out of foreclosure.

You also should take all phone calls from your lender. They may have information to share with you or even try to help you out. Your lender is the best source of information at this time.

Consider your options

You will have to think about whether you can work with your lender to get back on track or if you need to find an alternative solution. Your lender may offer you some different repayment options or even forbearance, which is suspending your mortgage payments. Alternatives include a short sale where you will sell your home for less than you owe or bankruptcy. Both can buy you some time to figure out your next moves and find a new place to live.