Can You Stop Home Foreclosure?
It has been all over the news lately that bad mortgage practices for the past few years are now leading to foreclosures at an alarming rate. As gas prices go up so does the cost of living and people are finding it more and more difficult to keep up on their mortgage payments and still keep the heat on and food on the table.
So when people get bad mortgages, mortgages they really cannot afford, then it is inevitable that some downturn in the economy is going to lead to the difficulty in making your mortgage payments. If you struggle to make your mortgage payments long enough then eventually the bank will begin to get impatient and begin calling your house every day demanding to know when you will start making your payments again.
It is almost as if the bank thinks that threatening you every day will magically improve your financial situation. The bank is not going to work with you until you force them to.
Don't lose your most precious asset, your home. There are ways you can stop home foreclosure. In order to stop home foreclosure you have to act right away. If the bank starts calling to harass you that is when you start taking steps to stop home foreclosure. The first steps you can take are ones you can do yourself. When the bank starts calling you, instead of continually promising to make payments you know you cannot make, ask the bank what they offer to help stop home foreclosure.
Some banks will actually work with you if you bother to ask. In some cases banks may agree to let you make your monthly payment in two installments instead of one. This does help some people. Some banks will offer to move a payment or two to the end of your mortgage and let you start fresh with the next month's payment. This kind of move ruins your credit rating for years to come but it may help stop home foreclosure.
Send In The Clowns
If your bank will not work with you then it is time to call the lawyers. It may not seem practical to say that you should be hiring lawyers when you cannot make your mortgage payments but there are lawyers out there that will not only help stop home foreclosure but they can also help you restructure your debt and get your life back on track. Once again this pretty much ruins your credit rating and assures you won't be getting a loan or a credit card for years but if it can stop home foreclosure and get your finances back on line then it is worth it.
These types of attorneys work on a flexible fee structure and they will take a look at your situation and let you know if you can afford them or not. It may seem like a drastic measure but you are in drastic times when you are trying to stop home foreclosure.
Each state has laws that help the home owner in times of foreclosure and your lawyer will know how to use those laws to stop home foreclosure. Each bank also has policies regarding foreclosure that, unless you know what to ask them, they will probably never tell you. But remember that the bank does not want to take your home and then sell it. They would rather work with you so that you keep it and pay for it for the duration of your mortgage.
