How to Catch Up Mortgage Payments
Falling behind on mortgage payments can happen to any of us, especially in the current state of the world. Many have found themselves unemployed due to COVID-19. Despite the current situation, foreclosure is still occurring. Fall far enough behind on your payments, and you could experience foreclosure.
Foreclosure is a process in which your lender evicts you from your home and sells it. This is because you failed to make mortgage payments on time. It is very easy to fall behind on payments if you are struggling financially. However, there are steps you can take to avoid foreclosure and catch up on your mortgage payments.
Mortgage Modification to Catch Up on Mortgage Payments
When you choose to make a mortgage modification, you are choosing to make a change to the former terms of your loan. This change is usually made due to financial hardships and could involve a different type of loan, reduction in interest rate, and/or an extension of the time you have for repayment. These three terms typically get combined in a number of ways. The main idea of a mortgage modification is to reduce the monthly payments you usually make into a more affordable amount. A mortgage modification is the most common type of loss mitigation, which is a process where you and your servicers work on preventing foreclosure.
Need Help With Your Mortgage Modification?
If you still feel overwhelmed about your missed payments and want to make a mortgage modification, Bartifay Law Offices can help. Our experts can help you through the entire process of a loan modification. We will help you gather the correct documentation and assist you through the application process. In addition to mortgage modifications, Bartifay Law Offices will also provide assistance with filing for bankruptcy or foreclosure. For a free consultation, call 412-824-4011.
Mortgage modifications, foreclosure, and bankruptcy are all complex processes. You might have many questions that can’t resolve with a search on the internet. Choosing to have a consultation with an attorney can greatly help your situation. An attorney who is experienced with these processes will know which steps you should take next. If your situation turns into a potential foreclosure, your attorney can provide foreclosure defense to help you save your home.
Filing for Bankruptcy
When managing debt, filing for bankruptcy offers leniency. Filing for bankruptcy is a great way to make up for missed mortgage payments as it lets you eliminate different kinds of debt. This method of managing debt allows you to reorganize your debt and catch up on payments.
If you are unsure which type of bankruptcy applies to you, you might seek a consultation with a lawyer, call Bartifay Law today: 412-824-4011.