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Falling behind on your mortgage can feel like your world is crumbling to pieces. Waiting too long to act could limit your options, and result in serious consequence, which could affect your credit as well as your ability to purchase a home in the near future.
At Haines and Krieger we have several methods which if applied immediately, may help to alleviate the situation. Please speak with a knowledgeable attorney now to assist you during this trying time. There may be certain things that you may be unaware of, that may help you save your home.
Your mortgage lender may be able to arrange a repayment plan determined by your financial situation, or a temporary reduction or perhaps suspension of your payments. You may qualify for this if you have recently experienced a reduction in income or an increase in living expenses. You must provide the information to your mortgage lender to show that you would be able to meet all the requirements of the new payment plan.
Chapter 13 bankruptcy gives you the ability to stop a foreclosure and catch up on any past due mortgage payments over a 3-5 year period. People who have fallen behind on mortgage payments because of temporary financial setbacks such as illness or unemployment, and are now able to become up to date over time. It is important to consult with an experienced Las Vegas bankruptcy attorney before filing a Chapter 13. Your ability to stop the foreclosure may be limited if you've been in Chapter 13 in the past.
You may be able to refinance the debt and/or extend the term of your mortgage loan. This may help you catch up by reducing the monthly payments to a more affordable level. You may qualify if you have recovered from a financial problem & can afford the new payment amount.
You may be able to voluntarily "give back" your property to the lender. You will inevitably lose your home, but it will not damage your credit rating like a foreclosure would. Lenders may be willing to accept a deed-in-lieu of foreclosure if you are in default and you can not qualify for any of the other options. Especially if any attempts at selling the house prior to foreclosure were unsuccessful, and a second mortgage on the property is inexistent.
A pre-foreclosure sale will allow you to avoid foreclosure by selling your property for sum less than the amount necessary to pay off your mortgage loan. Lenders may allow this if you are able to guarantee a quick sale of your property and you are able meet your lender's established guidelines.
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