Do not let the threat of foreclosure overwhelm you

Home may indeed be wherever the heart resides. For many people, their houses actually are exactly where their hearts live. Whether individuals have built families, careers or their lives broadly in their houses, many truly consider these structures to be home in every sense of the word. As a result, it can be devastating when mortgage payments become overwhelming and the bank threatens foreclosure. Yet, these threats should not inspire panic or despair.

It is important to understand that individuals facing foreclosure threats have multiple foreclosure defense options available to them. Only an experienced foreclosure defense attorney can advise each individual on the options that best fit his or her situation. However, there are some broad ideas that one can contemplate and explore with an attorney in the event that the bank has threatened foreclosure.

First, there is the option of loan modification. In the wake of the 2008 financial crisis, banks are almost always required to work with struggling homeowners to determine whether or not they might be eligible for a loan modification. By altering the terms of a mortgage, its payments may become more manageable.

Second, various state and federal programs designed to help homeowners facing foreclosure may be available. These programs may include some amount of loan forgiveness, modification assistance or foreclosure procedure delay opportunities. The number of Americans facing foreclosure has inspired both states and the federal government to do what they can to lend a hand.

Finally, it is possible that a short sale or bankruptcy may be the best option for a particular situation. Each foreclosure threat is unique. Therefore it is important that if you are facing such threats that you do your research and consult an experienced attorney rather than allowing the threats to overwhelm you. After doing so, you may ultimately be able to save your home.

Source: Realty Times, "Four Tips for Homeowners Facing Foreclosure," Moose Scheib, May 19, 2013

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