Your Foreclosure Plan

: Chris Lee Law Firm

  Filed under: Foreclosure

foreclosure planMortgage default is no place for anyone, but it is an unfortunate reality for many. If you have already received notification of an impending foreclosure there are still a few actions you can take in efforts to halt the process. Even if you don’t think you can afford to stay in your home, it never hurts to try. The first step is getting your plan of action together.

Step By Step

The most important aspect of dealing with or avoiding a foreclosure altogether is communication. You must speak to your lender and discuss your situation with them directly. Remember that lenders do not prefer a foreclosure, as it often makes things more difficult for them also. However, you can’t begin the process to stop from losing your home to foreclosure without contacting your lender.

Make sure you have done some basic research into foreclosure alternatives, you can’t always depend on your lender to offer up all of your options. There are many options available to you such as mortgage modifications, short sales and forbearance agreements. While there is infinite information available online about each of these, you may want to consider contacting a foreclosure attorney. They can help you review your options and even negotiate with your lender.

Finally, put your plan into action. Negotiate with your lender by proposing a few solutions to your mortgage debt troubles. Let them know how much you can afford to pay and how they can help you achieve a lower payment that can help you stay out of foreclosure and get caught up on your debts. Although they may  not initially agree to your proposals, lenders do appreciate homeowners that take an active role in resolving their mortgage debts.

 


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