Families faced with the necessity to default on their mortgage often feel that they’re in an isolated situation. Homeowners assume they’re in a position where they can’t move forward due to lack of financial resources. Sometimes they are misguided and advised that foreclosure is the only way out of paying unaffordable mortgage bills.
However, there is a very specific segment of time between defaulting on the mortgage and having a foreclosure suit filed by the bank, this is the pre-foreclosure period. During this time there are still options available to homeowners wanting to save their home. Pre-foreclosure modification assistance is available to homeowners experiencing financial hardship. This is a win-win for both the homeowner and the lender because the homeowner is able to keep the home and the lender doesn’t have to initiate the expensive process of filing a foreclosure.
Pre-foreclosure modification programs are either provided by the lender or through federal programs. Modifications from either source serve to lower your monthly payments and avoid foreclosure altogether. However, beginning the modification process, alone does not guarantee that the bank will not begin the lawsuit, thus it’s imperative that you keep an eye on any court filings.
If you’re not sure how to begin the process of applying for a pre-foreclosure modification, or don’t know which programs you may qualify for; the team at Graham Legal is always available to offer pre-foreclosure modification assistance. We have experts working on modifications for our clients everyday. If you just have a few questions on how to get started or would like to learn more about how our team help, feel free to call our office to schedule an appointment for a free consultation.