One of the worst things a homeowner can face is a foreclosure. Millions of homeowners are faced with the possibility of foreclosure every year. This usually happens when the homeowner’s mortgage payments are too high, the homeowner has lost his or her income, or the homeowner suddenly has expenses that interfere with their monthly mortgage payments. Let’s take a look at the foreclosure process and how it can be prevented.
Once you’ve gone a couple of months without paying your mortgage, lenders begin to get a little concerned. They’ll generally begin contacting you in an attempt to collect the mortgage you owe. This is the point at which homeowners tend to make the biggest mistake. Homeowners have a tendency to dodge calls and avoid letters sent by their mortgage lenders. Whatever you do it’s important that you keep the lines of communication open. Because of your refusal to cooperate your lender will likely decide to begin the foreclosure process. At this point it might help to consult with Foreclosure Lawyers in Carbondale, IL.
In order to stop this process you’ll have to either try cooperating with your lender or go to the courts. When you approach the courts you’ll have to give a very good reason for your situation. Many homeowners attempt to argue that their mortgage rates are too high, so high to the point that it’s unfair. Consult with one of the Foreclosure Lawyers in Carbondale, IL in order to build your case. Allow the court to examine the mortgage agreement you signed with your lender. If the court determines that the rates are too unfair towards you, they may require your lender to make adjustments that would better suit you.
Your time in court can be avoided if you simply cooperate with your mortgage lender. Your lender is not your enemy. Many mortgage lenders are very understanding when it comes to you making payments, and will be more than happy to sit down with you to discuss the matter. If you’re facing financial hardship, you may qualify for mortgage forbearance for several months.
In any case, it’s important to deal with this problem as professionally as possible. Work with a lawyer for foreclosure and Chapter 13 Bankruptcy in Carbondale, IL to see how this problem can be approached.