Foreclosure is a frightening prospect for any homeowner, as this impersonal bank action does not take into account the emotional investment one has made in one’s home. However, foreclosure is not the unstoppable force that many people believe it to be, and there are a number of strategies that you can utilize to help protect your interests and keep your home, even in the face of serious debt problems.
Typically speaking, a foreclosure happens only when a borrower is significantly behind on mortgage payments and the bank believes it is more likely to recover the value of the loan by selling the house. Fortunately, though, banks do not always follow these guidelines, and in some situations, homeowners can negotiate with banks to get their lenders to accept a modification to the mortgage agreement which the borrower is better capable of paying.
Protecting Your Home from Foreclosure
Foreclosure is not an automatic conclusion when you start having trouble paying your monthly mortgage payments. The following are a few of the strategies that our firm can implement in order to protect your home:
- Pursuing mortgage modification
- Filing a Truth in Lending Act violation claim
- Filing for bankruptcy
Whether you have only just begun to fall behind on payments or the foreclosure proceedings have already been initiated, it is not too late to take action to save your home.
At Hong Law, PLC, our legal team is dedicated to helping our clients manage their debt problems and return to financial stability by utilizing all of the legal tools available to them. With extensive experience in bankruptcy, debt negotiation, and other tactics that can prevent foreclosure, our attorneys can help you in the fight to keep your home. Contact our offices today at (319) 294-5853 for a confidential evaluation of your case to learn more about your options.
Coralville, IA 52241
Phone: (319) 354-1804
Map to our Coralville Office