Tips for Avoiding Foreclosure

Foreclosure is a scary situation to end up in. We all have worked hard to buy the homes that we live in. Our family have lived and grown up there, so they mean a lot to us. Unfortunately, situations change, and it can become difficult to pay your mortgage every month. When your mortgage company notifies you that you are at risk of default, it can scare you. Here are some tips if you are unable to make mortgage payments:

• Contact Your Lender as Soon as You Realize There is a Problem: Let your mortgage provider know about your financial situation immediately. They want to work with you on payment options instead of taking your home from you.

• Open and Respond to All Mail from Your Mortgage Lender: The initial letters you receive from your mortgage company will contain information on foreclosure prevention options that can help you get over your temporary financial difficulties. Later mail may contain information regarding foreclosure court dates and not opening them or knowing your court dates are not an excuse in court.

• Do Not Ignore the Problem: The longer you wait to try and work with your lender, the harder it will become to reinstate your loan, and the more likely it is that you will lose your house.

• Know Your Rights: Read your mortgage documents and the legal actions that your lender can make if you miss mortgage payments. You may also want to consider speaking with a foreclosure attorney to learn more about your rights.

• Know Your Foreclosure Prevention Options: Information on your options to stay out of foreclosure can often be found in the first pieces of mail you receive from your mortgage company and even online in some cases.

Kenneth S. Borcia & Associates is a foreclosure lawyer serving the North Chicago, IL area. Do not go through the foreclosure process on your own. You do not have to lose your home just because you have experienced financial difficulty. You have rights and our attorney will help protect those rights. We can explain those rights to you and discuss your options to get out of foreclosure and keep your home. Contact us today to schedule your personal consultation!