GET HELP TODAY

Toll Free : 888-858-5404 | Local : 850-391-2884

Hathaway Sprague Law, P.A.
Experienced And Effective

We are a board-certified consumer bankruptcy attorney and a lawyer with over 30 years of experience in the areas of consumer rights and criminal defense. Together, we help people in Florida’s Panhandle keep their homes, find long term debt relief, fight criminal charges and develop estate plans that will benefit them and their loved ones.

Photo of the legal team at Hathaway Sprague Law, P.A.
GET HELP TODAY

Toll Free :
888-858-5404
Local :
850-391-2884

Hathaway Sprague Law, P.A.
Experienced And Effective

We are a board-certified consumer bankruptcy attorney and a lawyer with over 30 years of experience in the areas of consumer rights and criminal defense. Together, we help people in Florida’s Panhandle keep their homes, find long term debt relief, fight criminal charges and develop estate plans that will benefit them and their loved ones.

Photo of the legal team at Hathaway Sprague Law, P.A.
GET HELP TODAY

Toll Free :
888-858-5404
Local :
850-391-2884

Hathaway Sprague Law, P.A.
Experienced And Effective
  1. HOME
  2.  » 
  3. Foreclosure Defense
  4.  » 4 ways to help stop a foreclosure of your home

4 ways to help stop a foreclosure of your home

On Behalf of | Dec 16, 2022 | Foreclosure Defense |

The economic downturn may impact your employment situation, affecting your ability to make mortgage payments.

Serious illness or injury and mounting medical bills may also cause mortgage payment problems. Here are four ways to help keep your lender from foreclosing on your home.

1. Consider loan modification

First, you can ask your lender for a loan modification. By law, your lender cannot proceed with the foreclosure when a loan modification review is underway. Hardship is usually the reason for this kind of request. Your lender could make your loan more affordable by lowering the payment, the rate or the loan amount. Your attorney can also work with the lender on your behalf.

2. File for bankruptcy

If you have mounting debt, you could file for Chapter 7 or Chapter 13 bankruptcy. Filing stops the foreclosure process immediately. If you qualify for the former, you can discharge your debts. With the latter, you can restructure your debts and establish a payment plan, which will include your mortgage.

3. Request a deed

You might consider requesting a deed in lieu of foreclosure. This means you would sign the deed to your property over to the lender. However, your lender may be reluctant to grant this, sensing there is too much legal risk involved.

4. Short sale your home

If you know your hardship will continue long-term and you owe more than your home is worth, you could approach your lender about a short sale. In this situation, your lender must agree to take less than the balance of the loan when the property sells.

Take action

The prospect of foreclosure may leave you feeling overwhelmed. However, by relying on legal guidance, you can operate from a position of strength and approach the matter with greater confidence.

FindLaw Network