How To Avoid Default & Foreclosure

Are you feeling overwhelmed because you are worried about losing your home? Have you exhausted all of your income and can’t keep up with your mortgage payments? At Bach Law Offices, Inc., we understand how terrifying it can be when you are having trouble making ends meet, which is why our team of dedicated bankruptcy lawyers is here to help you obtain debt relief. If you want to save your home but you aren’t sure bankruptcy is the right option for you, consider using the following things to avoid foreclosure:

• Reinstatement: If your money troubles are only temporary, you should call your loan servicer to discuss if you can make an arrangement to pay your entire past-due amount by a certain date you both agree to. You will also have to pay any late fees or penalties you are assessed.
• Repayment Plan: If you have only missed a few payments, you should talk to your loan servicer about arranging a payment plan so you can repay the amount you are behind on, plus a portion of your past due regular payment.
• Forbearance: If you are out of work temporarily, you can ask your servicer to reduce or suspend your mortgage payments for a specific period of time after which you will resume your regular payments. At the end of the forbearance period, you will have to pay a lump sum or partial payments to make your loan current.
• Loan modification: Your loan servicer might agree to permanently change the terms of your mortgage contract so your monthly payments are more manageable. Depending on the terms of your agreement, your servicer might be able to reduce the interest rate, extend the term of the loan, or add your missed payments to the loan balance.

Do you have more questions regarding debt relief, foreclosure, or bankruptcy? Then give us a call today at (847) 440-5998 to discuss your situation with one of our attorneys.