Are you struggling with your finances? This is a problem that many people face in their lives. When money becomes a worry, you may be having trouble paying your mortgage. This may put you at risk of losing your house. The following are options you may be interested in to avoid foreclosure and save your home. Please do not wait to reach out to our Florida foreclosure defense lawyers. You can get started with us right away when you set up a free consultation. Give us a call today.
Pause Your Mortgage Payments
Did you know that you can take a break from paying your mortgage? Of course, this needs to happen with your lender’s permission. Otherwise, you are going to be looking at foreclosure from your lender.
Pausing your payments is also referred to as forbearance. This is a brief period in which your lender will allow you to stop paying your mortgage without any late fees or punishment. You can request forbearance if it would help you to get your finances back in order.
Of course, these payments are not going to be waived. You are still going to owe the same amount you did before your forbearance.
A forbearance allows you to save your home if you are unexpectedly struggling from a financial emergency that you will eventually recover from such as a job loss.
Lower Your Monthly Mortgage Payments
Another option for you if you are struggling to pay your mortgage is a permanent change in your monthly payments. This is also referred to as a modification.
You can get your mortgage modified if you are no longer going to be able to make the payments. This would be for someone who has been through a divorce or has lost their spouse and is now trying to keep their home with one less income in the house.
You can save your home from foreclosure this way. You can make the payments more affordable by showing your lender that you are unexpectedly lacking the income to pay these full monthly payments.
It may mean that you need to lengthen the loan from 30 to 40 years, for example. This may also mean that your interest rate is lowered. We can guide you through this process.
Call Our Florida Foreclosure Defense Lawyers
If you are worried about how to save your home from foreclosure, please do not wait to reach out to our Florida foreclosure defense lawyers. We have been helping people for years to avoid having to go through foreclosure. If you want to meet with a lawyer right away to talk about your options, please give us a call. We would be happy to set you up with a free consultation.