There are a number of different circumstances such as job loss, medical bills, and other unexpected events, that can make it difficult to keep up with your monthly expenses. This can especially be the case as it pertains to your mortgage, because this is oftentimes your biggest monthly bill.
The unfortunate truth is that, once you get behind, it is usually very hard to catch back up. But, not paying your mortgage can have extremely serious consequences – and, if you are behind on your mortgage by even just a couple of months, your lender may even begin the foreclosure proceedings on your home.
When you initially borrowed the funds to purchase or refinance your home, you used the property as collateral in guaranteeing that you would make the monthly payment. Therefore, when payments are later missed, the lender has the legal right to take the property in turn for paying off that debt.
Yet, while it can be unnerving to receive phone calls or letters from your lender demanding that payments be made – or even threatening you with foreclosure – the good news is that there are some steps that you can take in order to avoid this process.
For those who are facing this dilemma, it is often a good idea to work with an attorney who is knowledgeable about foreclosure. They can help by explaining the options that you have so that you can make an informed decision. Don’t lose your home without a fight.
Because a foreclosure can remain on your credit record for many years – in turn, affecting your future purchases – another potential option may be in your best interest, depending on your plans going forward.
If you are facing foreclosure, or even if it may be a consideration, give us a call. We will explain the process, and discuss how you may be able to get back on your feet again financially.