If there is the threat that your home could go into foreclosure, you'll likely be filled with emotions. You could be frustrated, angry or fearful of what the future has to hold.
You don't deserve to go through this challenge alone. With the right help, it's possible to fight against foreclosure and defend your right to remain in your home. Simple acts, like negotiating with your mortgage lender or entering into bankruptcy, could help you stay in your home.
There are alternatives to foreclosure
You should know that there are alternatives to foreclosure. One of the first things to discuss is the possibility of a mortgage loan modification. This plan helps you refinance the loan, potentially reducing the amount you pay each month. This can resolve problems for many people, especially when it's just a small amount that is the difference between affording or missing payments.
Another option is a special forbearance. If you talk about your situation with your lender, they may be willing to provide a temporary reduction in your monthly payment or be able to suspend the need to make payments for a period of time. This can help you, even if it is for a short time, as it gives you more time to get your finances in order before your bills come due again.
Finally, bankruptcy could help. In some cases, eliminating other debts will allow you to catch up on mortgage payments, allowing you to keep your home and continue to build on the life you've already started there. Our site has more on what to expect if you are struggling with your mortgage and may be threatened with a foreclosure.