Lenders expect homeowners to make their mortgage payments on time. While this is usually at the top of every homeowner’s mind, sometimes circumstances beyond the family’s control prevent them from paying their mortgage company. Many people have temporary money problems and that doesn’t mean they need to lose their home. There are a couple of ways a homeowner who has missed one or more payments can get back on track and keep their home.
Modification
A mortgage company has the option to modify their loan products. However, each lender has their own requirements and they may be challenging for some homeowners to meet. Foreclosure Mediation in Rockville may be able to help. With an experienced lawyer advocating on behalf of the homeowner, they may have an easier time getting the mortgage company to consider their loan modification request.
Refinance
For people who have lived in their home for several years, refinancing might be an option. In order to refinance, a homeowner will need to have a sufficient amount of equity in their home. They will also need to meet the lender’s guidelines for a new loan. Those who have been late multiple times or are facing foreclosure might have a difficult time refinancing their home on their own. Foreclosure Mediation mediation in Rockville might be able to help.
Chapter 13 Bankruptcy
When no other options are available to rehabilitate a mortgage, bankruptcy may be the answer. Once a person files for bankruptcy protection, the lender has to stop foreclosure action. With the help of an experienced attorney, a homeowner may be able to make up for their missed payments over an extended period of time. Those who choose this option have to be able to afford their regular mortgage payments in order to qualify.
There are several options available to families that are committed to keeping their house after they’ve had financial problems. Homeowners can learn more about foreclosure mediation Foreclosure Mediation in Rockville by visiting website An attorney could help a client find the ideal long-term solution to their financial problem so they’ll be able to keep their house until they are ready to move.
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