If you're facing foreclosure, chances are high that you are feeling a little defeated and discouraged. You don't have to let your situation get you down, however. It's not over until someone says you have to leave, and you can prevent having that happen if you try these solutions before you throw in the towel on the foreclosure prevention fight.
Deferments and Forbearance
If you haven't tried to get a deferment or a forbearance, now would be the time to request one. Both arrangements will allow you to wait a while before you pay any more bills. The difference between the two is that the deferment will allow interest to build on you, and the forbearance won't.
A loan modification is something else that you can request if you hire a foreclosure attorney. The attorney can help you by putting the paperwork through for a loan modification. A loan modification is a reworking of the initial agreement that you had with the mortgage company. They may grant it to you if you have experienced a drastic change in your household or living situation. Examples of events that may prompt an approval of a loan mod request are deaths in the family, additions to the family, job loss or disability. Some other situations may warrant an approval, as well.
Mortgage negotiation is a process that you can get an attorney to go through. The attorney will contact the bank and attempt to renegotiate the entire mortgage process. He or she may find that the original deal that you received was not a good one. The attorney may bring up that the original agreement has holes in it and use that leverage to get you a new deal. It has worked for many other people, so it is worth a try.
One more thing that you can try is a request for emergency leniency. Sometimes things happen that devastate a homeowner's entire world. If something like that has happened to you, you can ask for an extension through the courts so that you will have just a little bit more time to gather some funds and take care of that bill.
Don't feel despaired. Try one of the previously mentioned resolutions before you give up and let your home go. You may find that you are able to bounce back and fully recover from the disaster.
About the Author: Lizzie Weakley is a freelance writer from Columbus, Ohio. She went to college at The Ohio State University where she studied communications. In her free time, she enjoys the outdoors and long walks in the park with her 3-year-old husky Snowball. If you are facing the possibility of losing your home, Lizzie suggests consulting a foreclosure attorney.
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