Falling behind on mortgage payments is already a stressful experience and facing the threat of foreclosure can make it feel even more overwhelming. But before you think about giving up the fight before it has even begun, know that you have many options at your disposal if you do find yourself facing the threat of foreclosure. At Silverberg|Brito, PLLC, we can help.
The notice of default is the first step in pre-foreclosure, which signals that a borrower is delinquent on mortgage payments and is in default. Bear in mind, however, that a notice is far from an eviction, and you have several proactive ways to save your home from foreclosure. Among them include the following:
- Catch up on missed payments – If you can catch up on what you owe and become current again with payments, the lender will be less likely to pursue foreclosure.
- Seek a loan modification – With our help, you may be able to negotiate a loan modification to change the loan or term, even if it’s a temporary reduction in payments to help you through a period of financial hardship.
- Consider selling your home – A short sale is an option to sell your home as a way to pay back the debt you owe on your mortgage loan. While it will affect your credit score, it won’t be nearly as bad of a credit hit as that of a foreclosure. For more about what to know when considering a short sale, read this post [link to “Step 5” above].
- Consult with us on other options – We will work with you to confidentially discuss all possible options in your fight to keep your home. Rest assured, we will have your back and do everything we can to ease your anxiety and help you through this difficult time.
If you find yourself falling behind on mortgage payments and don’t know where to turn, get in touch with us at Silverberg|Brito, PLLC to confidentially discuss your options. Acting early and proactively can help put you in the best position going into a possible foreclosure battle against your lender.