Everyone Should Learn a Little about Law
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Everyone Should Learn a Little about Law

While lawyers and judges are the ultimate legal experts, of course, I believe that every citizen should take the time to learn a little about law for several reasons. First, it is important to know your rights, and knowing them can come in handy if anyone ever accuses you of a crime you didn't commit or threatens you legally in another other way. Second, learning about your local, state, and federal laws can help you act as a better citizen. When election time comes around, you can then truly understand ever change in law being proposed by a candidate and whether it benefits society or not. I plan to share posts about law topics explained in plain English on my new blog, so you can come back often to sharpen your legal knowledge!


Everyone Should Learn a Little about Law

3 Steps To Quickly Take If You're Facing Foreclosure

Kaylee Wells

The purchase of a home can be exciting. Unfortunately, many people face the fact they may lose their homes because of financial issues. From the loss of their job to a disability or illness that prevents you from working to an accumulation of overwhelming debt that cannot all be paid, there are many reasons why someone will lose the ability to pay for their home. If you are facing foreclosure on your home, help is available. Here are a few steps to take now to stop the foreclosure process.

Modify Your Loan

If you are behind on your mortgage payments and the lender is threatening foreclosure, talk with them about your current financial struggles. Remember that mortgage companies do not want to foreclose on the property – they would prefer you get current on the loan so you can stay in your home.

Surprisingly, many lenders offer options to modify your loan if you are behind on your payments, but you need to contact them to determine if these options apply to you and your situation. A loan modification may involve reducing your interest rate or extending the term of your loan to make the payments more affordable. Past-due payments can be added to the loan, which will increase the total amount you need to pay off. However, it can be a great way to not only catch up on your mortgage payments but also avoid foreclosure.

Sell the House

Another option that may be necessary is selling your house. Of course, this is only an option if foreclosure proceedings have not officially started. Even if you have equity in your home, you should list it at a competitive price so it sells fast. This will ensure you close on the sale before legal foreclosure proceedings begin. If your credit has not been severely affected, you can buy another house that is more affordable, or you can rent a property while you work on your finances.

Hire an Attorney

Whether you want to stay in your home or sell it, consider hiring an attorney to discuss your options regarding the potential foreclosure. Gather all documents you have pertaining to the mortgage including any notices or threats of foreclosure. Your attorney will also need to see copies of your bank statements, tax returns, bills, and proof of income.

Filing bankruptcy may be an option your attorney recommends if you cannot legitimately pay your bills. In some instances, filing bankruptcy will stop the foreclosure process immediately while you figure out your next step. Your attorney can also help you navigate the process of modifying your loan or selling your home quickly. Talk to a foreclosure defense attorney to learn more.