If you are unable to make your monthly payments to your mortgage lender, there may be solutions to your issue that you aren’t aware of. Some options homeowners have who are at risk of going into foreclosure include:
- Loan modification
- Forbearance plans
- Short sale
- Reverse mortgage
- Repayment plan
- Deed-in-lieu of foreclosure
Understanding what each of these options are and which ones apply to you can make the difference in you keeping your home or losing it to foreclosure. But in some instances, it may benefit you to let the foreclosure process begin as you are out of options and money that will save your property.
So, if you are at risk of losing your home or wish to gain more insight into what you can do to even avoid foreclosure, it is in your best interest to sit down with one of our recommended foreclosure attorneys in Oregon. They will listen to your concerns, assess your situation, and provide you with the various ways in which they can help you.
Is a mortgage loan modification right for you?
When you sign a mortgage agreement, there are certain terms and conditions that must be followed. But, if you recently lost your job or another situation has arisen that has placed you in a financial rut, your lender can agree to a loan modification. This means the terms of your mortgage are modified from the original terms and must be agreed upon by you (borrower) and your lender.
Some of the benefits that come along with a mortgage loan modification include:
- There is a reduction in your interest rate.
- A change from an adjustable to a fixed rate might come into effect.
- The lender reduces your late fees or other imposed penalties.
- The loan term is lengthened.
- Your monthly payment is capped based on a percentage of your household income.
Foreclosure is an expensive and frowned upon, however, lenders need the money that is owed. According to Open Door Counseling Center, which is a non-profit counseling agency, loan modification is a popular option many lenders tend to agree upon seeing that they still get their money but allow you to pay it to them based on your financial status.
If this is something you wish to look into or you need a well-versed foreclosure lawyer in OR to contact your lender, contact us today at USAttorneys.com and we will put in touch with the right professional.
Foreclosure can be avoided if you have the right kind of help
Every homeowner’s financial situation is going to differ. Some have better credit ratings than others, and you might be bringing in more income that allows you to make the financial adjustments needed to keep your home. Unfortunately, some people get so far deep into debt that they don’t know how to get out. This why is our Oregon foreclosure lawyers provide the services they do. You aren’t the only homeowner who has run the risk of losing their house to foreclosure and there isn’t one clear cut solution that can get you back on track. But, with the right legal advice, you are sure to be provided with options that can help make your situation better.
At USAttorneys.com, we understand the impact our foreclosure attorneys can have which is why we will take the time to pair you up with one free of charge.