Alternatives to Foreclosure to Consider

foreclosureThere are many reasons why people fall behind on their mortgage payments. Not budgeting properly can make it difficult to stay on top of your mortgage payments, for example. In some cases, people face situations that are out of their control; they might lose their job, for example, or they might find themselves dealing with a serious illness or injury.

No matter why you might have fallen behind on your mortgage, there is a chance that you could be facing foreclosure. After you miss a few mortgage payments, your mortgage lender can take steps to take possession of the home. There is a chance that a Glendale real estate law firm can help you. These are some of the alternatives to foreclosure that you can consider with the help of a real estate attorney Glendale CA.

Working Something Out With Your Lender

First of all, just because you have fallen behind on your mortgage payment doesn’t mean that you don’t have options. The sooner that you call your lender, the more of a chance there will be that you will have options. Your mortgage lender might help with refinancing or modifying your mortgage, for example, or they might defer some of your late payments to the back end of your loan. Your options will vary based off of your current situation and the mortgage company that you are working with, so contact them to find out what they can do to help.

Putting Your Home Up for Short Sale

In some cases, putting your home up for short sale — which involves selling it for a lower price than what you would normally sell it for so that you can sell it more quickly — is better than going through a foreclosure. You will probably want to work with a Glendale real estate attorney from a firm like Minassian Law Group for help with selling your home in this way.

Filing Bankruptcy

If you want to save your home, you might be able to do so. If you aren’t able to work something out with your lender, then you might be able to file bankruptcy so that you can keep your home and get your financial situation straightened out.

If you are facing foreclosure and aren’t sure of what to do, contact a real estate attorney. They might be able to help you find the option that is right for you when you’re dealing with this rough situation.