When you’re facing foreclosure, it’s best not to dwell on the past and beat your head against the wall about what you could have done differently. It is what it is, and it can happen to anybody, so remember not to be too hard on yourself. However, foreclosure is a serious matter, and you need to look ahead and explore all the different options for avoiding foreclosure from continuing. Besides hiring experienced foreclosure attorneys in San Diego, you can do quite a lot yourself.
How can I avoid foreclosure?
While it may not seem like it at first, when you’ve just heard about your foreclosure and it seems like there’s no light at the end of the tunnel, there’s actually quite a lot you can do to either prevent or postpone your foreclosure process. First, remember that you’re not defenseless, and then see if any of these methods would be suitable for your particular situation:
Reach out to your lenders
The first thing you have to know about your lenders is that they’re not looking to take your home, they just want you to keep meeting your financial obligations toward them. Any time you experience a temporary setback that keeps you from paying your installments, you can contact your lender and see if you can find a solution that works for the both of you.
For example, your lender might want to work on a repayment plan that allows you to get back on top of your past-due obligations. However, remember to be careful when discussing new terms and to not go above the sum you can safely afford every month. Otherwise, you’ll find yourself back to square one in no time.
Try requesting a forbearance
This process allows you to put a short-term hold on the monthly mortgage payments in case you’re experiencing some financial problems and you’re unable to meet them. During this time, your lender expects you to resolve your difficulties and to keep making regular payments. Finally, you’ll also have to meet the payments accrued during forbearance over a specified time period. This means that you won’t escape any payments, just make them at a later date.
Modify your loan
Another thing you can do to avoid foreclosure is to apply for a loan modification. This will alter the current terms of your loan in case you cannot refinance it. This way, the lender changes your monthly payments in an effort to make them more affordable for you, so you can keep paying them. This allows you to remain current while keeping possession of your home.
File for bankruptcy
Finally, and most efficiently, you can file for bankruptcy and use its power of automatic stay to put an immediate stop on all foreclosure processes against you. Bankruptcy not only stops your foreclosure, but also helps you eliminate a portion of the debt you’ve incurred, making your monthly obligations a lot more manageable once you successfully file your claim. This makes bankruptcy one of the best available options for avoiding foreclosure.
Which foreclosure attorneys in San Diego can help me with my troubles?
It’s tough when you’re facing foreclosure, which is why you should do all in your power to put a stop to it as soon as possible. First
, learn about what exactly foreclosure in California entails and get familiar with the minutiae of the foreclosure process in this state. This will help you prepare for what’s to come in case you choose to take the best way out of your foreclosure and file for bankruptcy.
Bankruptcy is your certain way out and path back to your financial independence, and Bankruptcy Law Offices of Mark L. Miller is here to help you through it all. We’ll give you advice, provide legal assistance and representation, help you deal with the stress, and prevent the foreclosure of your home. It won’t be long until you’re able to enjoy La Jolla Cove with your family again. Text us, call us, or come to our offices. Just don’t waste any time!