Avoiding Foreclosure

Foreclosure is basically a sale of residential property that is forced by a mortgage company or other lending entity. Most homeowners are able to purchase a home by borrowing money from a bank or mortgage company. The loan used to purchase the house is called a mortgage, and may take a variety of forms depending on the borrower's financial capabilities.

LegalMatch Law Library Managing Editor, , Attorney at Law

Defaulting, or missing payments on a mortgage loan can trigger foreclosure proceedings. If the homeowner cannot afford to make the mortgage payments, the house may be sold or auctioned off. The resulting proceeds from the sale will be used to satisfy the outstanding debt and missed payments. The provisions outlining foreclosure procedures are usually contained within the mortgage contract itself. Read more.


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Finding the Right Foreclosure Lawyer

Foreclosure is commonly associated with bankruptcy hearings. For a homeowner, it can be intimidating to face the loss of property due to foreclosure. However, there are several steps that the debtor can take to minimize losses or to avoid foreclosure altogether. For example, some alternative options to foreclosure include:

Many mortgage companies are generally quite flexible when it comes to avoiding foreclosure. However, some of these options may not be available to all borrowers, especially the ones that involve discharge of debt. You should not hesitate to inquire about alternative options or to suggest your own payback plan that accounts for your personal finances.

Avoiding foreclosure begins even before you purchase a home. Good financial planning can help you obtain a mortgage agreement that is reasonable and within your financial capabilities. An experienced real estate lawyer can help you plan your mortgage payments from the beginning. Your attorney can also represent you in court in case you are facing a foreclosure hearing.


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