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What Can I Do To Stop The Foreclosure Of My Home?

If you have received notice from your lender that it intends to foreclose on your property, there have probably been notifications and conversations about late payments that have led up to it. However, there is nothing that is quite as unnerving as the finality of a lender's decision to attempt to take your home.

The most important thing for you to know right now is that your lender does not have the final say in this matter. You do. Florida homeowners have a number of protections under state and federal law, and it is no longer as simple as it once was for a lender to secure a foreclosure against you.

So, What Are My Options?

A loan modification can be a good option for people who could keep up with their loan payments if they could negotiate better terms on their loans. There have been specific changes to the law that require lenders to work with homeowners in their efforts to save their homes and avoid foreclosure.

Some people find that eliminating other debts through Chapter 7 or Chapter 13 bankruptcy is a good way to get back to a place where they can afford their mortgage payments. One possible advantage to a Chapter 13 filing is that it allows you to repay mortgage arrearages along with your other debts.

Talk to an attorney about your foreclosure concerns to learn more about your options and what the best course of action might be for your needs.

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