If you are experiencing difficult financial times and are unable to meet your monthly mortgage payments on your home or even another property, you may have positioned yourself to be a candidate for foreclosure if a significant amount of time has passed with no payments. This is an unfortunate situation for anyone, especially those with children, and can create such a period of instability that you just don't know where to turn. Although Lenders may try to be understanding, this is solely a business to them and they do not have any intention of assisting you in solving your financial problems. It is very important to remember that you are not alone. There are so many good people that get caught up in circumstances over which they have little or no control. They need not be embarrassed to seek help as very often these types of problems can be successfully addressed. Take care of yourself first so that you can continue to take care of others.
If you have had a short time where your income decreased and you are behind to the point that you feel you can offer your Lender a short plan to bring your mortgage current, by all means, try and do so. However, if you financial distress has taken longer than you anticipated, your Lender may have already or intents to institute legal proceedings against you to foreclose on your home because of your inability to make the monthly payments. If this is the case, it is certainly in your best interest to call our office to discuss this situation in depth, openly and honestly, and determine whether developing a repayment plan is feasible for your to save your home. While bankruptcy is a strong option, it is not the only option as Lenders do indeed entertain loan modifications that benefit both parties and may even consider a forbearance in some instances.
Remember that you always have the opportunity to make attempts to save your home and you have nothing to lose by just trying. Consult with a legal professional to determine the best course of action for your individual circumstances. Don't let too much time elapse before you contact our office so that we can provide the best advice possible. We are certainly anxious to help you address this unfortunate financial circumstance and look forward to providing the legal recommendations to ease your burdens.
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Mr. Cerbone is Board Certified Bus. Bankruptcy Attorney - American Board of Certification