We work hard to provide for our family. One of the most significant ways we do this is by purchasing a home. When we buy a home, we expect that we will be able to keep that home. One of the most stressful situations we can face is the thought of losing the home we’ve worked so hard to provide. Unfortunately, sometimes circumstances in life change. When those circumstances negatively impact our income, we can face the possibility of foreclosure. This is the process of repossession of a mortgaged property when the homeowner cannot keep up with the mortgage payments.
The incredible worry of possibly losing your home can be overwhelming. You’ve likely done everything you can to ensure that doesn’t happen, but you simply cannot make your mortgage payments. It is important to know, however, that before a mortgage lender can foreclose on your home, certain steps must be followed. The process of foreclosure is quite complicated.
When you are not able to pay your mortgage, despite all efforts on your part, you may feel like foreclosure is inevitable. By learning about the laws surrounding foreclosure, and being fully educated on the process, you may find there are other options.
The very first step when facing a possible foreclosure is to hire an attorney who can provide the guidance, education and defense that may help you stop foreclosure of your home. An experienced attorney will negotiate on your behalf and explore every alternative to ensure you can keep your home.