Foreclosure is a legal process that enables a bank to repossess a home when a lender falls behind in mortgage payments. More and more homeowners have become the object of foreclosure proceedings due to an inability to make payments. Additionally, the weak housing market has led to an inability to sell and many homes are now worth far less than the mortgage amount.
If you find yourself unable to meet your mortgage payments or if you missed payments, be proactive. Do not ignore the situation. A skilled attorney can help you to slow down the foreclosure process and stay in your home.
Some options to explore include the following:
- Offering a deed in lieu of foreclosure to your lender if you want to leave your home
- Asking for a temporary suspension of payments while you seek employment
- Refinancing into a more affordable mortgage
- Taking advantage of a principal reduction program
- Filing for bankruptcy
An experienced and knowledgeable attorney can help guide you towards the best solution for you. Contact David R. Black’s Bankruptcy Legal Group today.