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More Potential Options During a Foreclosure

It can be difficult to go through a foreclosure. You are going to have to find somewhere else to live. Even worse, your credit will be affected. It can actually take a few years to get yourself back on track.

Since it can change your life, you should talk to your mortgage company. They don't like to go through this process because it costs them a lot of money. They might consider working with you before they start the foreclosure proceedings.

So, what should you talk to your mortgage company about? Here are some more potential options.

There are times when a mortgage company may give you a few months off of your mortgage in order to get caught up on your bills. Instead of foreclosing on your home, your mortgage company may allow you to have up to six months off of your monthly mortgage costs. This should allow you to get your finances back in order.

If you are really behind, instead of continuing to increase the amount of money that you owe today, they may put that money at the end of your mortgage. Once you miss a payment (and continue to do so), the amount of money that you owe continues to add up. Miss a few payments and it feels like you will never get caught up. At times like these, some mortgage companies will take the amount that you owe and add it to the back of your loan.

You will end up paying your normal monthly mortgage payment every month. It may take a few extra months (or even years) to pay off of your home but at least you won't lose your home.

Though it may feel like it, a foreclosure notice is not the end of the world. Most mortgage companies will work with you so that they don't have to go through the whole process, costing them a lot of money. They may work with you so that you can keep your home. You might be able to put your missed payments at the end of your mortgage instead of playing catch up now.

Contact us for all of your legal needs. We will help you through this difficult period so that you can get on with your life.

Categories: Foreclosure
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