How to Stop a Foreclosure

I feel like our economy has not quite bounced back after covid. It is slowly getting better hopefully but in the meantime there have been a lot of adjustments. Prices have skyrocketed on things, people have been laid off and lifestyle changes have had to be made by many.

Foreclosure is something no one plans on when they buy a house but unfortunately, it is something that happens. A monthly payment can be missed and then the next month and so forth. Not only will you loose your house if you are foreclosed on but your credit will also take a dive.

Some ways to stop foreclosure are:

First off speak to your lender and try to work out a plan. Maybe your payment can be lowered or they can put a hold on fees. It is definitely worth asking because the bank doesn’t want to loose you as a customer if you’ve been great but have had a few hiccups.

See if your loan can be modified to a new rate, longer term or with a new lender.

You could also file bankruptcy but that hurts your credit and you do still have to pay for your house eventually.

What do you do if you get a foreclosure notice?

Speak to a lawyer who specializes in foreclosures. You want to make sure someone has your back and the knowledge to help your case. A Loan Lawyers’ Fort Lauderdale Foreclosure Defense Lawyer can walk you through the process and get you back on track. The worse thing you can do if avoid the notice and while it may seem simple to manage on your own, if you get to the foreclosure point you probably could use some help navigating the situation.