If you stop paying your mortgage payments each month, foreclosure is inevitable. This article will discuss a few pieces of advice to help prevent the foreclosure of your home when you run into these kinds of financial difficulties.
Here’s what you should do if you’re facing foreclosure:
— Stay on top of the issue: If you get behind on your payments, act as soon as you possibly can. The more you get behind, the more difficult it will be to get your loan reinstated.
— Call your lender: The financial institution that loaned you the money for your home does not want to foreclose on the property. It would prefer to give you options that will help you get through your financial rough patch. You might be surprised how your lender will work with you.
— Open the mail you get from your lender and don’t ignore it: It’s tempting not to look at the many notices that come in the mail when you stop paying your mortgage. However, that mail could be notifying you of a potential legal action that requires your immediate response.
— Learn about your legal rights and options: Study up on mortgage law. You may be surprised to find out that you have a lot more rights — and a lot more ability to delay or prevent a foreclosure — than you think. Also learn about different foreclosure defense options.
— Be wary of foreclosure prevention businesses: Sometimes foreclosure prevention businesses are offering services that you could very easily do on your own without their assistance.
If you’re facing the threat of foreclosure in San Antonio, consider getting in touch with a real estate lawyer. A Texas real estate lawyer can educate you on the most appropriate strategies available to help you keep your family home and overcome your foreclosure challenges.
Source: FindLaw, “10 Tips to Avoid Foreclosure,” accessed April 14, 2017