When you home is up for foreclosure, you will come across many ways to stop this process. The best is to face the situation by going to your lender because he can offer you solid advice and help lighten the situation. In this article, Samuel Schwartz, a co-founding partner of one of the largest bankruptcy attorneys Las Vegas firm, gives insight on what you can do to save your house from foreclosure.foreclosure home for sale

Most people thing the lender is the last person to talk to about financial problems. They find it embarrassing and fear what the outcome might be. Others don’t see why exactly they should talk it over with the lender. It is time we should understand that when a lender is aware of your financial status this makes him lenient and can help save your home.

Working With a Lender

You may have been led to think that he lender only wants what is best for him and does not care about your situation. Some people state that the moment you miss your payments the lender will immediately rush to file a foreclosure report. This notion leads us to believe that a lender is your enemy and has no mercy. However this is not the case and a lender understands the financial problems you face. Therefore let him be the first person you turn to when the budget gets tight.

When you miss paying your monthly mortgage for over 3 months, your lender will send you a note to remind you of the situation. It is wise to inform the lender before the 3 months that you are financially unstable. Discuss of other ways which you can use to pay your bills that are considerate to you.

Possible ways include a temporary reduction in interest rates and a flexible payment schedule. Some lenders will accept Forbearance which includes having the bills due waived. This means you will not have to follow the process of re-application and it’s convenient. Mortgage lenders are on your side and willing to help when it comes to foreclosure issues.

Therefore to sum it up, the first thing to do when faced with foreclosure is to call your lender. Let him know the reason why you are lagging behind in payments and negotiate with him on better terms. When you buy time hoping to find a solution, the situation will get worse and worse. It is the mortgage lender to deal with when you cannot pay your dues on time and it is a guarantee that they will be understanding and offer help.

By SophiaW

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