Foreclosure can be a court process where the lender proves that the borrower is in default on payments. The court may require the borrower to pay the entire remaining mortgage. If the borrower does not pay, the court will issue a statement to foreclose on the mortgaged house. Foreclosure can also be non-judicial and not involve the courts.
Either way, if you are having a hard time paying your mortgage, do not run away. One option that you have is to arrange a meeting with the lender and tell them why you are having late payments. The lender might rethink your situation and might do one of the following: they might ask you to pay some of your normal payment and to slowly make up the late payments over the following months; or make a loan modification that will modify the contract that will both suit you. If you agree with the terms, the new contract will be made and the foreclosure process on your home will stop. Changing the loan terms is one of the best ways you can get help with mortgage payments to make them more affordable.
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If the lender does not want to make an arrangement with you, ask for the help of foreclosure services. These foreclosure services can be seen in your neighborhood, in churches or on the web. These would normally give you expert advice, talk to the lender on your behalf or help with mortgage payments.
If you do not have any options, selling your house might be your best option. When someone buys your house, you can get the money to pay it to the lender. Then you can focus on finding another home for your family.
If nothing works, then declaring bankruptcy may be your only option. Be sure to check with a good bankruptcy attorney to see what your options are. Filing a chapter 13 bankruptcy allows you to keep your home but there are certain qualifications for that type of bankruptcy. This is also a way to get help with mortgage payments so that they are affordable for you. Chapter 7 bankruptcy will wipe out your debt with your lender but you will have to leave the home.
If you are facing foreclosure, do not try to avoid all the notices. Instead, face your problems. It may not guarantee that you can get back your home, but you will be better prepared for what lies ahead.
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