Have you found it difficult to make your house payment in the last few months? You have probably have tried everything you can think of to make more money or shift bills around so that you can make the payment. Very few things in this world are more unnerving than facing foreclosure, but there are a few strategies you may not have considered.
Contact a Foreclosure Lawyer
Your first step should be to find foreclosure defense Columbia MD. These individuals can guide you in the best way to save your home. They have years of valuable negotiation and litigation experience. They may also know of new laws or processes that can keep you in your home.
Get Your Loan Reinstated
If you have finally collected enough money to pay your back payments, the bank can have your loan reinstated. You may have to also pay fees and other expenses to bring your loan current. Many states have a set period for loan reinstatement, but your mortgage provider typically places a clause in your mortgage agreement that gives you extra time as well.
Ask For a Forbearance
In some cases, your mortgage lender may suspend your payments or allow you to make lower payments for a specified period of time. However, you need to be prepared to pay more than your regular payment at the end of the forbearance period to avoid foreclosure. This extra money will be used to pay down the amount you owe from your forbearance period.
Seek a Loan Modification
Loan modifications have traditionally been used to address market fluctuations or poor lending practices, such as adjustable-rate mortgages. However, they can also help during challenging financial times. In these cases, the mortgage company may lower your interest rate for the extent of the loan or for a specified period of time. They may also move your missed payments to the back of the loan, so you will pay them at the end of your mortgage term. They may also extend your loan term.
Don’t give up on your home. Find a foreclosure attorney to help save it.