It's a classic story -- you might have lost your job, or you could have gotten sick. Because of this, you could have gotten behind on your house payments. You might have thought that you would be able to get caught up, but for whatever reason, you may not have been able to. Now, you might be facing a home foreclosure.
If this is the case, you are probably a bundle of nerves, and you might be wondering what you can do to save your home. Luckily, you do have options. These are some of the options that can help you avoid a foreclosure.
Talk to Your Lender
It can be very easy to ignore the phone calls from your lender when you know that you are behind on your payments, especially if you do not have the money to get caught up. However, your lender may be able to work with you in this situation, and you won't know if you don't ask.
Ask for a Loan Modification
One option that you can look into is a loan modification. With a loan modification, you can have your loan changed so that you can pay lower interest and lower monthly payments. This can make it easier for you to stay on top of your payments.
If you file bankruptcy, there will be an "automatic stay" put in place against your creditors. This means that they cannot continue any collections activity against you, including foreclosing on your home. With Chapter 13 bankruptcy, your delinquent payments may be added to your bankruptcy payments, allowing you time to get caught up.
Consider a Short Sale
If you aren't going to be able to stay in your home but if you'd like to walk away with your credit somewhat intact -- and possibly with a little money in your pocket -- you can look into a short sale. With this type of sale, you can sell your home quickly to avoid foreclosure.
As you can see, you do have options if you are worried about your home being foreclosed. If you are looking for help with filing bankruptcy or other advice about handling your foreclosure, contact us at the Law Offices of James C. Shields today.