Top 4 ways to prevent foreclosure

On Behalf of | May 29, 2019 | Personal Injury

At Hathaway Sprague Law, P.A., in Florida, we represent numerous people facing financial difficulties and foreclosure of their home because of them. We therefore understand and empathize with the fact that if this description fits you, you likely will do whatever you have to do in order to save your home from foreclosure.

USA.gov explains that you do have options to foreclosure, but you should avail yourself of these options before you get too far behind on your mortgage payments. Here are the top four things you should do.

  1. Contact your lender

Contacting your mortgage lender should be your first course of action. Mortgage companies generally have a variety of options available for financially distressed homeowners, especially if you can show that your current difficulties are only temporary, even if long-term temporary.

  1. Attempt to obtain a loan modification

A loan modification reduces the balance you currently owe on your mortgage and/or the interest rate you currently pay. Often your mortgage company will itself work with you to modify your loan. If not, you should contact the Making Home Affordable program or Florida’s state housing agency. They can provide you with not only advice, but also counseling and assistance to aid you in your attempt to save your home from foreclosure.

  1. Watch out for foreclosure scams

Unfortunately, foreclosure avoidance scams abound and have become big business for unscrupulous companies. Never deal with any company that does any of the following:

  • Hangs a flyer on your door
  • Contacts you by phone, email or snail mail
  • Makes great-sounding claims on the internet, TV, radio or in newspapers and magazines
  • Asks for personal information such as your Social Security number, bank account number, etc.
  1. File bankruptcy

While bankruptcy should be your last resort, filing a Chapter 13 bankruptcy may give you the time you need to get caught up on your mortgage payments. In addition, it will stop any foreclosure procedures your mortgage lender has already started against you in their tracks.

For additional information, please visit this page of our website.