If you’re facing a potential foreclosure, here are some tips for you to give you the best chance of avoiding foreclosure.
- Don’t wait too long — If you are having difficulty paying your mortgage, the sooner you are able to act, the better it is for your case. Most people don’t want to admit that there is a problem so by the time that they are ready to act, it’s too late. Speak with a foreclosure defense attorney immediately if you are worried that you may have to default on your loan. You may end up qualifying for a loan modification or short sale depending on your circumstances.
- Know your rights — State foreclosure laws are complex and each state’s laws are different. Some states require a judicial foreclosure, while others have statutory disclosure and this will significantly affect how long it will take to foreclose on a home. Pennsylvania is a judicial foreclosure state, which benefits the lender since a foreclosure must get approval from a judge and this gives you the ability to raise a foreclosure defense.
- Know your options — By speaking with a foreclosure attorney, you’ll be able to determine all of your options: (1) refinancing; (2) loan modification; (3) short sale, (4) deed in lieu of foreclosure; and (5) bankruptcy.
- Work with your lender — Cooperation is key. Respond to all mailings and requests for documents.
- Prioritize spending — After your health, your mortgage is your number one obligation. Come up with a monthly budget and see which areas you are able to cut to take the financial burden off you.