When you fail to make all of your mortgage payments on time, you run the risk that your lender will repossess, or foreclose, on your home. If you find yourself behind on your mortgage payment, there are important steps that you need to take to protect yourself. A foreclosure attorney can help you take steps to protect yourself.
#1 Open all Mail From Your Lender
Don't put off opening mail from your lender. When you first start getting notices that you are behind on your payments, more than likely, your lenders are going to try to and make offers to help you avoid foreclosure. These will be foreclosure prevention offers. More often than not, your bank will try to work with you first.
Your lender may also send you legal notices in the mail as well. You need to make sure that you open these. You can't just say that you didn't know because you didn't open your mail in foreclosure court; it is your job to open your mail. It is your responsibility to open the mail that your bank sends to you.
#2 Get in Touch With Your Lender
If you fall behind on your mortgage payments, get in touch with your lender. See if you can set up a plan to pay back your missed payments that you can afford. See if you can refinance your home or restructure the payment agreement.
Open communication can help you save your home. Make sure that you document each and every call you made to your lender as well as any in-person contact that you have. If your lender decides to go to court, showing that you tried to come up with a plan to repay your lender can go a long way in fighting against a foreclosure case. You may want to document these efforts with your attorney as well.
#3 Go Over Your Loan Documents
Get out your loan documents and review them. Your loan documents should tell you what rights your lender has if you don't make your payments or fall behind on your payments. Make sure that you understand the timeframe and laws for your specific state and keep in mind that laws vary by each state. If you don't think you are being treated fairly, get in contact with an attorney to help you fight for your housing rights as they were laid out in your loan.
If you get behind on your mortgage payments, make sure that you keep an open line of communication with you and your lender. Take every step possible to save money and get back on track with your payments. Get your local foreclosure attorney services to help you if your bank is not being helpful and is not allowing you to explore loan foreclosure prevention options.