Options to Delay a Foreclosure

If you have been having problems paying your mortgage, you may be looking for ways to delay foreclosure. There are multiple reasons why you may want to delay foreclosure. You may want to stay in your home for as long as possible, you may need time to find a job so that you can keep your home, or maybe you just need to buy some time so that you can modify your loan to make the payments lower. Whatever your reason, there are several things you can do that may help delay the foreclosure process.

Getting Current on Your Mortgage

If you can find a way to get current on your mortgage by paying any missed payments as well as associated fees, you may be able to prevent foreclosure if you can pay timely payments thereafter. You may have to take on more work, or borrow money from family or friends to be able to do this, but if you can save your home and making future payments will be feasible, it may be a good option for you.

Sometimes a mortgage lender will help you to get current by creating a repayment plan with you to catch you up more slowly (rather than requiring a lump sum to get current). This can be helpful if you have adequate income, or can get some extra work for the time during which you pay the catch up payments.

Refinance

Refinancing your home is one way to prevent foreclosure. If your mortgage payments are too high for you to pay them monthly, refinancing so that your monthly payment is lower can give you the breathing room you need to meet your financial obligations. You will need to assess your finances to see if this would help you. Discuss the possibility of refinancing with a mortgage professional.

Other Options

There may be other ways to recover after missed mortgage payments depending on your situation and the nature of your home loan. For example:

• FHA loans sometimes allow an additional loan which is added on to your original lien for individuals in distress;
• Consider selling outright or through a short sale; or
• Ask your lender to take the deed for the property in lieu repayment.

Getting Legal Help

If you are struggling to make mortgage payments and facing a potential foreclosure, it is a good idea to talk with an attorney familiar with foreclosure law. A lawyer has an ethical duty to act in your interest, unlike other businesses which hold themselves out as foreclosure specialists. A lawyer will advocate on your behalf and help you understand your rights and options.