If you feel like you may soon have to face a foreclosure, then you don't have to be alone. At first it can be confusing, especially if you don't really know what a foreclosure is or what to do when presented with one. The truth is that a foreclosure is something you want to try and avoid, however, in today's economic climate this isn't always easy, and falling behind or mortgage payments can sometimes happen no matter how hard you try to steer clear of it. But being served with a foreclosure doesn't have to mean the end of the world and there are a few things that you can do if you feel like your money may not stretch any further.
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One of your options is to try to work out an arrangement yourself with the bank. The best thing you can do for yourself is to take action as early as possible, as time limits can vary greatly, in locations such as Florida, you are often given 20 days to respond to a foreclosure notice, so it's important you contact an attorney who specializes in defending foreclosure cases right away so that a proper response can be entered on your behalf. You will also want to try to make arrangements with your lender regarding a modification. The sooner that you get into contact with your bank, the better it will be for you.
Another option for you is to try to fight against the foreclosure with litigation and hope that your lender made an error during the legal procedures that must be followed before a foreclosure can be issued. If the lender did make a mistake, then the courts will prevent the foreclosure from going through. Again this is an area that a qualified foreclosure attorney will benefit you. This may be able to buy you precious time that you can use to arrange a resolution to the imminent foreclosure, this could be a workout with the lender, selling your home for a fair price, refinancing, or perhaps getting a job so that you can arrange a workout if you are currently unemployed.
There is also a third option available to you, which is that you may possible be eligible for Federal or even public assistance in order to relieve your debts. In some areas throughout America, there are charitable organizations, or even public assistance programs that are designed to help people who are faced with foreclosure. Another thing to consider is whether your mortgage is insured, if it's insured by the VA, the FHA or the HUD then you may qualify for a workout program immediately.
Your final option is a court ordered workout program, but only if you qualify. Under Chapter 13 of the Bankruptcy code, you may only be required to pay back a small amount of what you owe in small monthly installments, however it's important to remember that Chapter 13 is bankruptcy and will negatively affect your credit score, but it's a little price to pay if it means that it will allow you to save your home.
If foreclosure appears to be a potential issue for you in the near future, it's always important to remember that there are things you can do, solutions can be found. You should always look into getting a foreclosure defense lawyer before anything else, specifically one who is competent and experienced in the field. They can relate to you and your problem in order to find you the best solution to suit your own individual needs. In Florida court, a foreclosure assistance firm cannot assist you in court, however a foreclosure defense lawyer can, and it's this vital legal aid that you will benefit from most if you really want to save and protect your family home.
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