In the last few years, millions of homeowners have lost their homes to foreclosure. If you are a homeowner and you are struggling to pay your mortgage, you have the option to get foreclosure help by educating yourself about the process and about your options. Take some time to learn about some of the steps you can take to stop foreclosure or avoid it altogether. You should start by first understanding the possible reasons behind a pending foreclosure (aside from knowingly participating in mortgage fraud). Many homeowners are forced to stop making timely mortgage payments due to sudden and extenuating circumstances, including the following:
- Sudden job loss or unexpected unemployment
- Medical emergencies
- Divorce or loss of a second income
- Additional unmanageable debts
- Death in the family
- Major emergency home maintenance expenses
- Inability to continue paying an adjustable interest rate that has increased
If you find yourself suddenly unable to make your monthly mortgage payments, do not panic. A great way to avoid foreclosure is to take steps to prevent your lender from filing a Notice of Default, which is a public notice that states that the borrower is in default. Many individuals find that it’s most beneficial to get foreclosure help at the first sign of trouble with their mortgage payments. A good first course of action is to decide whether you want to negotiate your debts yourself, or work with a BBB accredited debt settlement company. Many debt settlement companies have experience helping homeowners prevent or stop foreclosure. Qualified experts can clearly explain the options and guide homeowners toward avoiding or stopping foreclosure. Ways to avoid foreclosure may include getting extra time to make payments, getting your lender to forgive a payment or two, changing the terms of your loan, and more. Even if their lender filed a Notice of Default and their options were much more limited, many people found help in working with a debt settlement company, whose experts were still be able to negotiate with their lender while providing them with guidance and options in their attempts to stop foreclosure on their home.
Tags: foreclosure help, stop foreclosure
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