How To Stop Foreclosure

How to Stop Foreclosure

If you are facing bankruptcy or foreclosure in New York, you may have options open to keep your assets. Proper advice from an attorney can possibly save your home, business, and personal belongings.

Renegotiate Your Mortgage

There are actually several options for the homeowner facing foreclosure. Banks have recently come under federal criticism for foreclosing unnecessarily. Combine this with the lowest mortgage rates in years, and you have an opportunity to negotiate a new mortgage. This could actually keep you from losing your home.

Loan Modifications

With loan modifications, you may be able to get your mortgage payments lowered to a rate you can afford to pay. The interest may also be lowered, if you negotiate at a time when rates many people got home loans with a variable interest rate. When the rates went up, they discovered that their house payments skyrocketed. They got behind on their payments, ruined their credit rating, and are now in danger of losing their homes. With foreclosure help in New York, you can get your mortgage re-negotiated with a fixed interest rate. Your payments can also be brought up to date, so that you no longer have to carry a late fee every month. Thereafter, every on-time payment you make will repair your credit score.

Bankruptcy

There are actually about five different kinds of bankruptcy. Most of them require you to pay off your debts in some form. Help with bankruptcy in New York will often enable you to keep some of your assets. In some cases, you can even keep your business, if you know what kind of bankruptcy to file. Most of the time, your debts can be re-negotiated so that interest rates are either dropped or significantly reduced. Your late statuses can also be brought up to date, and regular payments will begin repairing your credit. Contact a bankruptcy lawyer to discuss your options and avoid being forced out of your home.

About Aimee Lancaster

Born and raised in New York Aimee works as a freelance author and contributes to multiple publications and blogs around the world.