If you have fallen behind on the installment of a loan due to some economic hardships, and a foreclosure sale by the mortgage company is a possibility, now is the time to seek professional help from a Baltimore Foreclosure attorney. It is the only way to prevent foreclosure on your home and to preserve your well-being.
First though we should establish what foreclosure is. Foreclosure is a legal process followed by a mortgage lender as an attempt to recover his or her loan by the sale or auction of a security asset from the person who failed to pay back the loan. This legal procedure is started when a mortgage borrower has fallen behind on the installment of his or her loan.
4 Options to prevent foreclosure on your home:
Negotiate terms with the lender: Instead of keeping quiet until something goes wrong, be proactive and reach out to the lender and explain the issue if you cannot make the payment due to any unexpected issue.
File for bankruptcy: Filing a bankruptcy will immediately stop the foreclosure but even before doing so, one must clearly know the rules of personal bankruptcy. To learn more about Baltimore bankruptcy please visit our bankruptcy page.
Apply for a loan modification: Try to modify the loan amount installments by applying for a loan modification. Rather than getting nothing, even a lender will switch to a loan modification. Get in terms and switch to low interest loan plans that can be manageable for your financial situation.
Forbearance: An alternative to a foreclosure where the lender stalls the foreclosure temporarily. The borrower is allowed to make partial loan payments or no payments for a particular period during a forbearance.
About the Law Offices of Nicholas J Del Pizzo
The Law Offices of Nicholas J Del Pizzo is a team made up of experienced and dedicated attorneys who understand that people have legal needs that simply do not coincide with regular business hours. To learn more about how our law firm can help you through a foreclosure please call (410) 288-5788 or visit our contact us page.