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5 Ways to stop foreclosure

If you're facing foreclosure proceedings, it might feel like you're trapped. Your livelihood, as well as the roof over your head, may seem to be in jeopardy. Luckily, there are ways to avoid foreclosure.

1. File for bankruptcy

Filing for bankruptcy grants you the ability to eliminate most of, if not all of your debt. Through bankruptcy exemptions you can keep certain property, including equity in your home and vehicle, wages, and retirement accounts. This process is affected by many factors, however, and proper guidance is needed to ensure that you don't lose anything you could have kept.

2. Sell your home via a short sale

When a property owner in financial trouble sells his or her home for less than what is due on the mortgage, it's called a short sale. The proceeds from this sale go to the lender, who can either forgive the difference or attempt to obtain what is still owed. A short sale should not be pursued without assistance from an experienced professional.

3. Refinance your home loan

Refinancing your mortgage can help you procure a better interest rate, as the original loan is paid off and replaced. While this is great for borrowers with perfect credit, refinancing can be risky if you have too much debt. There is also a danger in refinancing without the proper knowledge of what you're doing.

4. Negotiate a loan modification

Loan Modifications can involve a reduced interest rate, an extension of the loan's term length, or a new type of loan entirely. These modifications can be made by lenders when a borrower is unable to make payments on the loan. However, the majority of loan modifications attempted outside of the bankruptcy process either fail or are denied.

5. Agree to a forbearance

Forbearance, if granted by a lender, can temporarily postpone future mortgage payments. This agreement hinges on the likelihood of you being able to make your payments once the forbearance period is over. You would also need to provide a justifiable cause for needing the postponement.

If you're worried about upcoming foreclosure proceedings, don't delay. We can start working with you right away to help keep you in your home. Dealing with a possible foreclosure can be frightening, but at Ozment Law, we know how to help you get through it. Please contact us for a free consultation.

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