Actions for Foreclosing on Your Home

Actions for Foreclosing on Your Home

Actions for Foreclosing on Your Home

No one wants to lose their home, especially today when recession is still in the air. If you found out that the court might consider foreclosing on your home, do not panic. Here are some legal actions that you might consider when you are facing this kind of situation.

If you have a notice from the court saying that you need to pay your entire debt, do not run away. Instead, talk to your lender and tell them why you are not paying your mortgage. State your reason truthfully or the situation could get worse. The lender might modify your loan contract so it will benefit them and you. Once you all agree on the new terms, your lender will withdraw their foreclosure actions.

In most cases the bank would rather give you a way to fix the situation rather than undergoing a foreclosing on your home. The bank might consider letting you pay half of the back payments currently owed and then pay the remaining amount in the months to come.

If you either cannot save your home or do not want to, then it might be time to sell your house. Once a buyer takes it, you can have the money to pay the lender. If you owe more on your home than what it is worth and either cannot save it or do not want to save it, then a short sale of your house may be your best option. Short selling means that your home will be sold for less than what you owe your lender. Not all lenders will agree to this so be sure to talk to your lender to make sure that this is an option for you. To make this more successful, get the help of a real estate professional that understands short sales.

If these methods do not work, then you can declare bankruptcy. If you declare chapter 13 bankruptcy, you can still keep your home. In this type of bankruptcy, your debt is restructured. If you declare chapter 7 bankruptcy, you no longer owe the debt. But you will have to leave your house within the given time duration.

These actions will surely help you in your foreclosure case. Just remember to take action as soon as your first missed payment to avoid more issues and complications later on.

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