Information on Foreclosure Prevention

If you are unable to continue making your monthly mortgage payments, you are at risk of losing your home to foreclosure. You may be wondering what options are available to you to avoid losing your home or the damage to your credit that a foreclosure brings. Due to the economic crisis, home values have plummeted and many people have mortgages that are worth more than the current value of their home. There are several ways to prevent your lender from foreclosing on your home. However, no matter what option you choose, you need to hire an experienced lawyer from our firm to help you negotiate with your lender in order to stop foreclosure.

If you have not yet fallen behind on your payments, you will have the best chance of preventing foreclosure from proceeding. One option that can help you when your payments are impossibly high is a loan modification, in which you negotiate new terms of your loan with your lender. This may include lowering your monthly payment, lowering your interest rate, or changing the length of your loan. In order to successfully negotiate a loan modification, you need to hire an attorney who will work with your lender and has success in the loan modification process. Lenders are often more willing to work with an attorney than an individual borrower.

Another way to immediately stop the foreclosure process is by filing for bankruptcy. When you file for bankruptcy, foreclosure proceedings are suspended while your bankruptcy is negotiated. However, you must keep up with your payments during your bankruptcy process, or your lender may be able to move forward with the process. Filing for chapter 7 bankruptcy or chapter 13 bankruptcy may allow you to keep your home and get out from under the debt of a huge mortgage.

Compassionate and Dedicated Legal Help

At Price Law Group the firm has over 20 years of experience handling bankruptcy and foreclosure cases. The attorneys fully understand that in these trying economic times, it can be difficult to stay on top of huge monthly payments. By filing for bankruptcy, you may be able to have your debt discharged. In chapter 13 bankruptcy, your debts are consolidated into one affordable monthly payment, and a large portion of them may be forgiven. Hiring an attorney will be a benefit to you throughout the process of saving your home from foreclosure. Contact the legal team today for more information.