The term foreclosure is one that every homeowner dreads to hear. When purchasing a home, you have the idea that you will always be able to pay your mortgage and foreclosure is never a second thought. However, financial issues can arise and lead to delayed payments of your mortgage and once you get too far behind, the financial institution in charge of your mortgage will begin the foreclosure process. At Notinger Law, we have helped many homeowners with foreclosure cases. Anything can cause foreclosure to take place, from divorce to unemployment or unexpected medical bills. When you begin to fall behind on payments and foreclosure is looming, know that there are steps you can take. Our attorneys can help you know your rights and take steps in order to see you keep your home.
When foreclosure becomes imminent, it is important that you act quickly. It is vital that you take action as soon as you think foreclosure of your home may be going to take place. This way, steps can be taken to try and save your home. The best way to stop a foreclosure is to learn your rights and know the timeline of the process. In the state of New Hampshire in which we serve clients, most foreclosure processes are non-judicial. What this means is that a foreclosure can take place without having to go to court. The process can begin and be concluded in a matter of 120 days. This is why you must act quickly. With no need to go to court, a financial institution can foreclose on your home without a judicial process which means without the help of an attorney, you will not know what steps to take in order to fight the outcome of losing your home.
There can be several options that you can consider to try and save your home. Lenders may be willing to wait and work with you on making payments for the home. You may be able to apply for a loan modification so that you can resolve the mortgage payments you missed. With a modification, you may also be able to reduce the amount of your monthly payment and then be able to afford your payment better as you move forward.
Bankruptcy for Foreclosure
Another way in which you can use the law to stop a foreclosure or at least postpone it is to file for bankruptcy. By filing for Chapter 13, you will see the foreclosure canceled and you will be given a time frame. if you can make payments, in which to pay back what you owe, keeping your home. With Chapter 7 bankruptcy, you will see the foreclosure postponed to a later date.
There are options for you to consider when a foreclosure is imminent. At Notinger Law, we focus on serving New Hampshire and Massachusetts residents. Let us help you work to keep your home by finding the right solution for your particular case.