10 Steps to Save your Home

骨 10 Steps to Save Your Home from Foreclosure The downhill slide to foreclosure usually starts slowly and then escalates quickly. Wherever you are in the process of fighting for your home, take these steps and work with your lenders to stop your behind-on-the-mortgage snowball from turning into a foreclosure avalanche! Help! MORTGAGE TOP PRIORITY Help! Even if you have credit card debt, make your mortgage payment your top priority because theconsequences of falling behind on mortgage payments are greater than missing credit card payments and dodging those creditor calls. 2 3 Don't Play Hide & Seek with your creditors. Call for Help Before You're Actually Buried! Credit and debt management programs can offer solutions you haven't considered and your lender may even have a counseling program, but beware of programs making outrageous claims and charging exorbitant fees. If you can't make your full monthly payments, contact your mortgage lender before the bank sends a letter. Be proactive and meet them halfway. Most lenders want to work with you because foreclosure is a losing proposition for them too. 5 4 Get it in Writing! Restructure Congratulations, you've been proactive and negotiated a new arrangement with your creditors over the phone! But don't stop there. Ask them to send you the offer in writing. Make the effort and take the time-it's worth it! your loan. Restructuring might lower your interest rates, spread out delinquent payments and trim your monthly payments by extending the loan over a longer period of time. Refinance It can be expensive, but with mortgage rates continuing to hover near all-time lows, refinancing your mortgage is often a smart, money-saving option for homeowners in trouble. 6. Sell Assets you don't absolutely need! For Sale This can include electronics, boats, Jet-Skis, jewelry, china or silverware, an attic full of junk, and even your car or truck, if they're not essential to performing or reaching your job. It may not be a solution, but it buys time. 80 Declare Bankruptcy It isn't the end of the world and may be your best bet. You might even get to keep your house. Consult a reputable bankruptcy attorney to discuss your options. House For Sale 10 Give Your House Back! What? If even bankruptcy means you can't keep your home, consider working with your lender to hand over your home in an amicable manner rather than fighting to the bitter end. Making life easier for the lender usually means making life easier for you too. And it's almost always less damaging to your credit than a standard foreclosure. Sell Your Home Before Losing' It. No one wants to be a “quitter," but if the previous steps have failed, consider selling your home before things get even worse. You may be able to come out of the deal with some money, move to a home within your budget and save your sanity. McFarlin LLP This graphic is not intended to offer legal advice. Some of our practice areas at McFarlin LLP Los Angeles are: loan modification, debt restructuring, bankruptcy, foreclosure, real estate & mortgage litigation. See more at: mcfarlinlaw.com Help!