If you fail to pay your home mortgage payments, foreclosure may come as a result. Foreclosure is the legal means that your lender can use to repossess your home. When this happens, you will have to move somewhere else. If your home is worth less than the total amount you owe for your mortgage loan, a deficiency judgment could be pursued and you would not only lose your home, but you would owe your lender an additional amount of money. Your foreclosures, as well as deficiency judgments, could affect your ability to qualify for any credit in the future. To stop foreclosure, an attorney in Baltimore will surely be of great help to you.
If you are experiencing any kind of financial difficulty, you do not have to face them alone. The Law Office of Richard J. Hackerman can help you get through your difficult situation. I am a stop foreclosure attorney in Baltimore and I specialize in bankruptcy cases. Below are some tips on how you can avoid foreclosure in the future.
- Face the problem: You do not want to ignore the problem, otherwise it will be harder for you to reinstate your loan and, thus, cause you to lose your home.
- Speak with your attorney as soon as possible: In most cases, lenders do not actually want your house, and they might have different options to help you through your difficult financial times. It would be wise to speak with an experienced attorney to know your best options.
- Open and reply to messages from your lender: The first notices your lender will send you can provide you with a good amount of information about foreclosure prevention that can help you. If you do not open these messages until later, you might find an important notice of pending legal action. Also, your failure to receive these messages will not be used as an excuse in court.
- Know your mortgage rights: You can re-read your loan documents to know what your lender can do if you do not make your payments.
- Use your money wisely: Know your priorities. Healthcare and your home should be your first priority, and then you can review your finances for any additional spending. Look for optional expenses so that you do not have to face delayed payments.
- Use your assets: If you need to reinstate your loan, try looking into things that you already have such as a second car, jewelry, or even a life insurance policy that you might be able to sell. Otherwise, try and see if you can get an extra job for additional income. Even if your efforts might not help you, it shows your lender that you are willing to make sacrifices to keep your home, and he might become more lenient and provide you with other options.
If you are still experiencing difficulties by making your mortgage payments, you are encouraged to directly contact your stop foreclosure attorney in Baltimore to inquire on prevention options you can do. If you cannot get in touch with your attorney, try speaking with your mortgage lender or servicer about your needs for mortgage relief for a good settlement.