Facing foreclosure can be one of the most nerve-wracking experiences for even the most financially seasoned amongst us. But if you’re facing foreclosure, there a few simple rules that can help you navigate the process.
Rule #1 – Don’t delay in seeking help. Don’t wait until you receive the foreclosure notice to seek help, as soon as you realize that you can no longer afford to pay your mortgage find help. Contact your lender’s loss mitigation department and find out if they can modify your mortgage.
Rule #2 – Before you agree to any mortgage modification take a close look at your budget and make sure that you can truly afford the new payments. Also look at your employment prospects, is there a job loss coming down the line that might make foreclosure inevitable?
Rule #3 – If foreclosure seems imminent or if your mortgage lender is slow in responding, you may want to consider your bankruptcy options. Bankruptcy will put an immediate stop to foreclosure and give you an opportunity to negotiate with the lender.
To find out more about how bankruptcy can stop foreclosure, contact a Dallas-Fort Worth bankruptcy attorney today.