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How To Save My House
Foreclosure on the Rise
Partly due to the recession, the housing market has seen a recent increase in foreclosure rates. After just a few missed mortgage payments, foreclosure proceedings can begin and you can be in danger of losing your home. If you are facing foreclosure and are hoping to save your house, there are several avenues you can take to protect your property – but you have to act quickly.
How to Save My House from Foreclosure
As soon as you identify a risk of foreclosure, take immediate steps to better organize your finances. Start by:
- Making your mortgage payments your number one priority
- Assessing your budget to identify areas where you can cut back and add to your mortgage payment
- Consulting with a credit or housing counselor to help better manage your finances
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Altering Your Mortgage
After assessing your budget and consulting with an attorney, you can take steps to change your mortgage. In this phase, you should look for solutions like:
- Government funded loan modification programs
- Forbearance from your lender
- Loan restructuring
- Mortgage refinancing
Learn About Your Legal Rights
Every homeowner has certain rights when facing a foreclosure. Consulting with an attorney and identifying your rights can help you better answer the question of “how to save my house.” There are two different types of foreclosure. If your home is under a deed of trust, the foreclosure process is guided by state and federal laws. If your home is mortgaged, the foreclosure must be handled in court. In the event of a judicial foreclosure, you have one year to pay back the money you owe on your home. If your home is under a deed of trust, you do not have this right. Consulting with an attorney, like those at Rogers Law Group, is especially important for homeowners without a mortgage, since foreclosure laws often vary state by state.
You Don't Have to Do it Alone
When asking yourself how to save my house, know that it’s not a question you have to answer alone. Foreclosure is a complicated process, and not one most homeowners can effectively fight on their own. In the end, a foreclosure lawyer gives you the best chance to save your home without resorting to bankruptcy.
If you have been questioning how to save my house, our team of lawyers have helped many clients save their beloved home. We work with you to help you find solutions and protect your property. Call us today at (847) 607-8570 or fill out our quick Contact Form.