How To Avoid Foreclosure In Miramar
The first piece of advice Bruce Jacobs can give you to avoid foreclosure in Miramar is to get organized. Prepare a case file with all the important documents pertaining to your home and your payments. This should include:
- monthly mortgage statements,
- a record of completed payments,
- property tax information (including proof of payment),
- insurance information,
- escrow statements, and
- any copies of correspondence between you and your mortgage servicer.
Read: Foreclosure FAQs
You should also gather documents such as pay stubs, bank statements, tax return documentation, and documentation for any additional income you receive. These will provide you with the information you need to calculate your budget and monthly expenses.
If you are at risk of entering a foreclosure, contact your lender right away. Procrastinating this can make your chances of avoiding a foreclosure more difficult.
These days, banks have all kinds of programs to help homeowners avoid foreclosure, including loan modifications, refinancing, filing for bankruptcy, and forbearance programs.
A loan modification is the permanent adjustment and restructuring of your mortgage, which may make your payments more affordable. This consists of reducing interest rates, forgiving principle balance, and extending the length of the loan. Bruce Jacobs has helped many homeowners with modifications to their loans.
With mortgage refinancing you are essentially replacing your original mortgage with a new home loan that can better suit you.
Filing for Bankruptcy
Bankruptcy may not be the most desirable solution, but if you are behind on your payments with no feasible way to catch up, you may want to consider filing for Bankruptcy.
Certain bankruptcy plans allow you to pay off late and unpaid payments over a settled length of a repayment plan that you agree on. If you can make the required payments during the repayment plan, you may be able to avoid losing your home to a bank foreclosure.
A forbearance is when the bank agrees to refrain from enforcing it’s rights under the Mortgage and Note. It refrains from seeking foreclosure by allowing a homeowner to skip several payments.
A forbearance come in the form of agreements and written documents signed by both the homeowner and bank.
Get A Free Case Evaluation – Call (954) 961-1993
Contact Bruce R. Jacobs to find out how he can help you. You can contact him by phone at (954) 961-1993 or by e-mail through this web site to schedule an appointment and learn more about your rights. He offers a free initial consultation.
Your Miramar Lawyer
Call (954) 961-1993