You may be asking yourself, "who do I go to for help?" In today's economic climate, call the lender first. They do not want any more foreclosures on their books. You may find your lender is willing to bend over backwards to try to keep you in your home.
Lenders may reduce your monthly payment, your interest rate, or even lengthen the term of your loan to help you out and keep you out of foreclosure.
Instead of missing a payment entirely, pay what you can. By making any payment, even if it is not the full payment, may stop the lender from starting the foreclosure process. It may show them you want to pay, but just cannot pay in full at this time. It is a starting point for negotiations with the lender. Some lenders, however, will reject your payment. Lenders who do not reject the payment are the ones who are more willing to work with you.
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If you cannot make any payments at all, then it is time to talk to a bankruptcy and foreclosure attorney. Foreclosure attorneys know what lenders are vulnerable to. They know what efforts will stop a foreclosure and how to get a lenders attention. They know what to send to your lender that will cause the lender to rethink filing a foreclosure on you. They can also help you understand what assets you have that are protected and those that are not protected, before the foreclosure process is started. It is important to get this process going before your lender files for foreclosure against you. Asking for help is critical. There are many attorneys who will give you this information as part of a free consultation. So ask for help.
A foreclosure attorney has many avenues they can take if you contact them before the foreclosure process is started. First of all they can delay the foreclosure to give you time to catch your breath so to speak. Some lenders have had such poor record keeping, that this delay alone can caused the lender to become worried they cannot produce the necessary paperwork to combat an attorneys involvement and as a result change their mind about working out a deal with you.
Before you go to a bankruptcy or foreclosure attorney, get a reference from someone you know and respect. Believe it or not, many of the people you know may very well be in the same situation you are. Don't be afraid or ashamed to ask your family and friends.
Another avenue for help is the Internet. You can go on YouTube or search the internet for foreclosure attorneys in your area. I personally was surprised to see a video from an old friend of mine on YouTube, who now specializes in foreclosures. The internet is a very valuable source of information in this area.
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