The foreclosure crisis has slowed significantly after a major initiative was taken up by Congress in recent years. Seeking to change the way lenders assist borrowers in debt, expand solutions for all and help spur recovery in the housing market, those dealing with mortgage troubles may be better served in the coming years. However, that doesn’t mean that avoiding foreclosure is an easy matter, or one to be taken lightly.
Protecting Your Home
There are some foreclosure options that are more available these days than in the past. Mortgage loan modifications, short sales and forbearance agreements were once hard to come by, but are now gaining more popularity as lenders have begun to realize their potential for minimizing loss. Although not always highly advertised as a main option, many lenders are now attempting to work with borrowers through these options rather than risk sitting in a foreclosure saturated market. However, securing one of these options isn’t always easy for borrowers.
Filing for bankruptcy is an option for resolving mortgage debt, but many people are surprised to learn that their bankruptcy attorney can actually help outside of court. An experienced Fort Worth bankruptcy lawyer is trained in both bankruptcy law and foreclosure negotiation services. Most attorneys can halt an active foreclosure while assisting in negotiating a solution that works for the borrower, that may also serve as the best interest of the lender.