What Are My Options to Avoid Foreclosure?
As you work through your foreclosure threat, there may be a few options that you can choose from. Chances are that your mortgage company will help you to understand these in more detail and our Charleston foreclosure attorney at Traywick Law Offices can elaborate on them and evaluate whether or not they are the best options for you.
The three options that you may be able to utilize are:
- Repayment plans
- Loan modification
If you are facing temporary financial hardship, such as job loss, then forbearance may be an option. Typically forbearance is when a mortgage company chooses to temporarily reduce or suspend your payments until you are in a better place financially. With this agreement in place, you will only pay a portion of your regular payment or may be allowed to avoid payments for a short amount of time.
Once the forbearance period comes to an end, you will need to make regular payments on your mortgage and may almost have to pay and additional sum that will cover the past-due amount. For people who simply need to recover after job loss, the death of a family member, or a divorce, forbearance can be an ideal way to go.
Call Traywick Law Offices at (843) 343-5092 today to learn more about foreclosure mechanics and your options and rights!
For others, a repayment plan may be the best option. This is ideal for those who have missed some of their monthly payments but believe that they can get caught up if they are given a second chance. When a mortgage company allows a repayment plan, they are permitting debtors to catch up by creating a schedule. Chances are that you will need to stick to this schedule rigidly or you will end up losing your home.
In some circumstances, a Charleston foreclosure lawyer may be able to help you obtain a loan modification. This is a service where the mortgage is permanently changed so that payments are more affordable.
Under a loan modification, you may be given a reduced payment over all, or the mortgage company may expand the number of years you have to repay the loan. They may change your adjustable interest rate to a fixed one in order to keep you from piling on more and more debt as you procrastinate on your payments. This is the best option for men and women who are facing long-term financial difficulty due to a disability or a permanent alimony obligation following a divorce.
Discuss your options with our dedicated and experienced Charleston consumer law attorney, starting with a free case review.