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Defending Your Home from Foreclosure

The unstable economy has lead to many homeowners being behind on their mortgage payments. This has caused them to be in danger of losing their homes. In order to help homeowners keep their houses, services such as mortgage modifications are offered. Seeking mortgage modification is one of the best ways to ensure that you still keep the property but reach an agreement with the mortgage company to have changes on the terms of mortgage. You will be given this option if you have been ineligible for refinance, you are going through a long-term struggle, or you are already months behind on your payment (or could possibly be in the near future).

Mortgage modification makes it that the payments are made more affordable for homeowners who are at risk of foreclosures. These modifications can depend on you and your mortgage company’s agreement: you can modify the length of the loan, the amount of payment to be given every month, the interest rate, or others. The most often option for mortgage modification is the change in the amount of monthly payment that could accommodate the homeowner’s needs. Among the benefits of getting a mortgage modification is that you can resolve the issue with your delinquent payment immediately and that it offers a less damaging option to your credit score rather than resorting to foreclosure.

Real estate litigation is a long and tedious process, and issues such as wrongful foreclosure can take up much of your time, energy and most importantly money. According to the website of Gagnon, Peacock & Vereeke, P.C., it is important to avoid reaching this point, as fighting a wrongful foreclosure can exhaust your resources. It is good to immediately contact your lawyer in order to talk about mortgage modification, otherwise you might run the risk of losing your home.

One thing to watch out for is scams posing as mortgage relief. It can be frustrating to know that your home is in danger of foreclosure and offers of help to keep your home can be tempting. However, it is important to know whose help you are getting and check the validity of the business to prevent wasting your money and time and avoid foreclosure or real estiate litigation altogether.