Foreclosure Law

If you’re having a hard time paying your monthly mortgage and need help coming up with strategies to right the ship, you may want to speak with a foreclosure prevention counselor. But not all financial counselors have your best interests at heart, so make sure you work with a HUD-approved, nonprofit agency. They can provide free advice and help you determine whether a loan modification or refinance program is available. If a counseling agency charges a fee for advice or offers a scheme that will “rescue” you from foreclosure, it may be a scam. And if an agency tells you to send your mortgage directly to them, you need to know that this is illegal.

The lender may seem like the last one you want to call if you’re having trouble with your mortgage, but it’s often in your best interest to do so. Lenders may make it difficult, but they generally would rather work out an arrangement that allows you to stay in your home than go into foreclosure and be stuck with another home to sell. They may offer any one of the following solutions – (1) Forbearance – Lender may reduce or suspend payments for a period of time, but borrower must prove that extra funds will be available at a later time (such as a tax refund or work bonus).

(2) Loan Modification – This involves a rewriting of the mortgage terms (or just changes to a few of the original terms). (3) Reinstatement – Often used in conjunction with a forbearance, this allows borrower to make missed payments within a given timeframe. (4) Repayment Plan – Usually, this involves a negotiated amount added to the monthly mortgage in order to pay off past due balances. (5) Refinance – This option is available only if you have enough equity in your home to pay off the old mortgage and other fees with the new mortgage.

Keep in mind that you must hurry. Contact your lender as soon as you believe you may need help with your mortgage in order to avoid foreclosure.

Bankruptcy Is Also An Option

If all other options have been exhausted and you still can’t afford your mortgage, or if your home already has been put into foreclosure, you may need to file for bankruptcy. And once you’re in bankruptcy, all debt collection activities (including foreclosure) are put on hold. This grace period can sometimes give homeowners the chance to dig out from debt or negotiate with the lender. Bankruptcy only should be used as a last resort, though, since it will have long-lasting financial implications. It can be difficult for certain struggling homeowners to avoid foreclosure, but it’s usually worth the extra effort.

Free Consultation with a Foreclosure Lawyer

When you need help with a Foreclosure, call Ascent Law for your free consultation (801) 676-5506. We want to help you.

Michael Anderson

People who want a lot of Bull go to a Butcher. People who want results navigating a complex legal field go to a Lawyer that they can trust. That’s where I come in. I am Michael Anderson, an Attorney in the Salt Lake area focusing on the needs of the Average Joe wanting a better life for him and his family. I’m the Lawyer you can trust. I grew up in Utah and love it here. I am a Father to three, a Husband to one, and an Entrepreneur. I understand the feelings of joy each of those roles bring, and I understand the feeling of disappointment, fear, and regret when things go wrong. I attended the University of Utah where I received a B.A. degree in 2010 and a J.D. in 2014. I have focused my practice in Wills, Trusts, Real Estate, and Business Law. I love the thrill of helping clients secure their future, leaving a real legacy to their children. Unfortunately when problems arise with families. I also practice Family Law, with a focus on keeping relationships between the soon to be Ex’s civil for the benefit of their children and allowing both to walk away quickly with their heads held high. Before you worry too much about losing everything that you have worked for, before you permit yourself to be bullied by your soon to be ex, before you shed one more tear in silence, call me. I’m the Lawyer you can trust.

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