A foreclosure isn’t something that a homeowner usually plans. After buying your home knowing one day that you’d be forcibly removed from it probably was the last thing on your mind. Dealing with a foreclosure can be extremely scary and stressful.
There can be a number of reasons why a homeowner may be facing a foreclosure in Hamilton OH. The most obvious reason is that they’re suddenly unable to continue making their mortgage payments on time. Some people are unable to continue making payments because they’ve unexpectedly lost their job. Maybe you suddenly became ill or injured and found yourself with medical bills that needed to be paid instead. Whatever the case may be, there are options you can exercise in order to avoid a foreclosure.
Your lender may be willing to give you a little extra time to make up those past due payments. It can be hard to make up missed payments when you’re five or six months behind. Many lenders will give their borrowers a few extra months to bring their loans current before taking legal action against them.
Debt forgiveness may also be an option when faced with a Foreclosure in Hamilton OH. Have you missed two or three payments on your mortgage? Instead of stressing over making up those payments, you may be able to avoid them altogether. In rare cases, a lender will waive a homeowner’s obligation to pay their debt; however, you may have to agree to be on-time with your payments in the future.
In some cases, a homeowner may be able to modify the terms of their loan. It’s very common for a homeowner to bite off more than they can chew. Maybe you thought you’d be able to pay your mortgage payments but you now realize they’re much too high. Work with your lender to reduce your payments or lower your interest rates.
Use these tips whenever you’re faced with a mortgage crisis. If you need legal assistance, consider speaking with Dean Snyder Attorney At Law. Hopefully, your lender will be willing to work with you to resolve your mortgage issues. Again, you may be eligible for forbearance, debt forgiveness or even a mortgage modification. There just might be a few other options your lender will provide.