If you’re at risk for losing your home, it’s understandable that you might feel like your home is being sold right out from under your feet. Perhaps you made the same mistake that many people have made, which is set aside a notice of foreclosure when it arrives in the mail, thinking that it can be addressed later. What often happens is that a person keeps trying to get caught up on mortgage payments while, on the other end, the “notice” of foreclosure becomes an activated process, including an announcement published in a local newspaper.
Options may be available to halt the process
Once you see a foreclosure announcement in the local newspaper, you might think all hope is lost to save your home. Thankfully, this isn’t always the case. In fact, a careful review of your particular circumstances may reveal options that you didn’t know were available, such as halting the foreclosure process even within an hour of your home being sold.
Home loan modifications and other foreclosure defense options
While it’s always best to address a written notice from a lender as soon as it arrives in the mail, there may still be a way to retain possession of your home. Many lenders are willing to agree to alternative payment plans, which enables a mortgagor to continue making payments on a loan in smaller amounts or over an extended period until a financial crisis is resolved.
It is also sometimes possible to file for bankruptcy, which may help bring foreclosure to a halt. At Richard Banks & Associates, in Tennessee, an experienced legal team is available to help you determine a best course of action if your home is at risk for foreclosure. Even the direst circumstances can sometimes be mitigated, especially if you have a legal advocate on your side who is well-versed in bankruptcy and foreclosure laws.