If You Want to Keep Your House
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If you have equity in your house and are facing foreclosure because of missed payments or a rapid increase in your mortgage interest rate, it may make sense to try to hold on to your house if for no other reason than to protect your equity. Needless to say, the more equity you have, the stronger this reasoning.
You may also want to fight to keep your house if you believe your financial situation will improve, allowing you to afford future monthly mortgage payments which are currently unaffordable.
Once you decide that your house is worth fighting for, read the articles below to figure out which foreclosure alternative is best for you.
Topics Covered
Initiated in 2009, the Making Home Affordable program was part of the federal government's response to the housing crisis. See what programs were designed to help borrowers in distress keep their homes.
Find out what options are available to avoid foreclosure if you don't qualify for one of the federal government's Making Home Affordable programs.
If you don't qualify for a HAMP modification, you may still be able to negotiate a loan modification directly through your mortgage servicer.
Find out what a mortgage modification is, how you can obtain one, and what options you have if you don’t qualify for a modification.
Find out what the difference is between these two common foreclosure avoidance options.
One of the first things you'll need to provide to your lender when applying for a loan modification, forbearance, or other form of loss mitigation is a hardship letter. Find out what this entails.
If you still have a lot of equity left in your home, and you're over the age of 62, you may be able to use a reverse mortgage to avoid foreclosure.
If you qualify, a reverse mortgage may help you avoid foreclosure. But in certain circumstances, the reverse mortgage itself may also be subject to foreclosure.
Depending on the value of your home, defaulting on a second mortgage may not necessarily mean you will lose your home to foreclosure.
The Servicemembers Civil Relief Act is a federal law that provides protections against foreclosure if you're on active military duty.
If you are trying to modify or refinance your loan, you may benefit from the landmark $25 billion national mortgage settlement. Find out whether you qualify and who you should contact.
Articles by Subscribing Attorneys
Here you can read more about alternatives to foreclosure that will allow you to keep your house, in articles written by attorneys who are advertising on this website. We have not reviewed these articles for legal accuracy.
Learn about the basic criteria that lenders look for in loan modification candidates and options to consider if a loan modification request fails.
Get a list of the documents you will need to submit as part of your loan modification application and the elements you will need to include in your hardship letter.
Find out what types of hardship that a lender will typically accept as valid for a loan modification.
Foreclosure Resources
The Foreclosure Survival Guide
Should you fight your foreclosure? Or should you walk away? Learn what's best for you in this bestselling foreclosure book.
Should you fight your foreclosure? Or should you walk away? Learn what's best for you in this bestselling foreclosure book.
Selling Your House in a Tough Market
Selling your home might solve your foreclosure problems, but how to sell in this down market? Find out in this all-in-one guide.
Selling your home might solve your foreclosure problems, but how to sell in this down market? Find out in this all-in-one guide.
The New Bankruptcy
Find out whether bankruptcy is right for you and whether you qualify for bankruptcy in this plain-English guide.
Find out whether bankruptcy is right for you and whether you qualify for bankruptcy in this plain-English guide.
How to File for Chapter 7 Bankruptcy
If you're thinking about filing for Chapter 7 bankruptcy on your own, read this book to find out whether you qualify and how you can cancel as much debt as possible.
If you're thinking about filing for Chapter 7 bankruptcy on your own, read this book to find out whether you qualify and how you can cancel as much debt as possible.
Nolo's Credit Repair Bundle
Learn how to take control of your personal finances, get out of debt, and repair your credit with this pair of books.
Learn how to take control of your personal finances, get out of debt, and repair your credit with this pair of books.
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