Millions have gone through the foreclosure process in the past few years. If you are behind on your mortgage, read this article to learn how you can Stop Foreclosure in St. Louis or minimize debt after the fact. By acting quickly, you stand a higher chance of protecting your credit and saving your home. Visit website for more details.
Walking Away Isn’t Always a Good Idea
You shouldn’t allow the lender to foreclose without considering your legal options. Foreclosure can severely affect your credit score, and make it difficult to buy a new home in the future. If your home sells for less than the value of your loan, the lender can sue for the difference. If you are having trouble paying your mortgage, try the following:
* Negotiate with the lender
* Get help from the government
* File for bankruptcy
* Sell your home in a short sale
* Hand the deed over to the lender
We will discuss these options in detail below. If you’re facing foreclosure, beware of scams from unethical companies, and don’t sign any papers without getting advice from a lawyer first.
Negotiating with the Lender
As soon as you encounter trouble with your mortgage, you should call your lender. It’s in their interest to negotiate, but you may have to do some work to find the right person to consult. The sooner you call, the sooner you can find a solution. The lender may take partial payments, late payments, or agree to modify the loan terms. However, if you’re three or four months behind, the lender may have already sent your case to foreclosure.
Getting Help from the Government
The US government has ways to help you Stop Foreclosure Services in St. Louis Missouri MO. HAMP (the Home Affordable Modification Program) can help you if you’re in danger of losing your home. Under the HAMP program, you can get a loan modification and a lower monthly payment. HARP (the Home Affordable Refinance Program) was created to help those who foresee future difficulty in paying their mortgages, and who have Fannie Mae or Freddie Mac loans. Under the HARP program, those in distress can refinance into a low-interest, fixed rate mortgage.
Foreclosure is a lengthy process that’s trying under the best of circumstances. However, there are many legal ways to avoid it, such as lender negotiations and government assistance. To Stop Foreclosure in St. Louis, call Law Offices of Steven K. Brown St. Louis today.
