Are you behind on your mortgage payments?

Facing bankruptcy or foreclosure?

There are alternatives that may allow you to sell your home even if there is no equity while protecting your credit with no out-of-pocket expense to you.

Everyday across the United States thousands of home owners loose their home to foreclosure. You are not alone, foreclosures occur everyday. Like many people faced with foreclosure, you may feel helpless and resign yourself to give up your home without trying to save it.

You actually have some good, solid options to take control of the situation, avoid foreclosure proceedings, and even protect your credit. The most important factor to remember when faced with foreclosure is to stay encouraged, and continue working toward an equitable solution for you and your lender. When you know every available option, you are in a much stronger position to save your home from foreclosure.

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WHAT HAPPENS IF I CANNOT PAY MY MORTGAGE?

If a homeowner fails to make payments upon the mortgage, the lender may foreclose on the property. Depending upon the terms and agreements made within the original mortgage contract, the lender may do a statutory foreclosure or a judicial foreclosure. A statutory foreclosure can be performed without bringing a court action.

The lender does have to follow strict state regulations as to the proper notices and opportunities to provide payment by the homeowner before a sale of the property occurs. This procedure is relatively fast. If a judicial foreclosure action is required, the lender must file a complaint with the court system and go through the litigation process to obtain the right to foreclose on the property.

In several state jurisdictions, the homeowner is allowed the right to stay in possession of the home until the foreclosure process is finalized or a sale of the home occurs. Since some lenders prefer to avoid the cost of foreclosure, they are sometimes willing to work out an agreement with the homeowner. The lender may accept "interest only" payments or partial payments for a while in order to assist the homeowner. Phone or e-mail for a free no obligation confidential consultation on possible alternatives to protect your credit. There are detailed regulations regarding foreclosure procedures.

NOTICE:  No information contained on this site is intended to be legal advice.  You should consult with an attorney if your home is endangered by a foreclosure proceeding.