How to Avoid Foreclosure and Keep Your Home

avoid foreclosureForeclosure can happen quickly to anyone, including those with seemingly secure financial situations. A mortgage plan that doesn’t fit your needs, the loss of a job, or mounting debts can place your property in jeopardy. However, a notice of foreclosure doesn’t always mean you have to lose your home, there are multiple strategies to start paying off your mortgage debt and keep your home.

Ways to Avoid Foreclosure

  1. Mortgage renegotiations: You can shop around for different mortgage rates, ask for a lower monthly payment from your provider, and consult the help of Federal Agencies to negotiate a more affordable amount of payment.
  2. Short sale: When the lender is trying to foreclose on your home, they are trying to turn around and resell it. If you receive an offer for your home, forward it to your lender and they may accept the offer to save time and money. This can save your credit score from foreclosure and save the bank resources needed to resell your home.
  3. Home Affordable Refinance Program: Introduced in 2009, this program that benefits owners of mortgages backed by Freddie Mae or Freddie Mac, allows refinancing options for mortgages that are equal to or more than the actual value of the home. Traditional refinancing options may be harder to come by.
  4. Bankruptcy: This repayment option could be your best bet for keeping your home. After filing for bankruptcy, a hold is placed on the collectors ability to collect on your homes. A New Jersey bankruptcy attorney will be best able to help you pick the best debt management strategy for your home.

New Jersey Real Estate Attorneys at Garland &Mason LLC have the best information in providing the right foreclosure alternative for you.

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