How to Survive Real Estate Foreclosure
- Author Joseph B. Smith
- Published April 6, 2011
- Word count 500
If you are an owner of an Indianapolis Real Estate property and you suddenly find yourself unable to pay your mortgage loan, you should not hit the panic button yet. One or two missed payments will not automatically deprive you of your property. There are things that you can actually do to prevent your home from being foreclosed.
Understanding Your Options
As soon as you are facing the possibility of a foreclosure, the first and foremost thing that you should do is to know and understand your alternatives. What should and could you do? If you have the right information and with the right understanding, there is no doubt that you can alleviate your situation.
Generally, when your creditor files a foreclosure action against you, it means that you have already missed at least four monthly payments of your mortgage. It is also typical for banks to have an acceleration clause in your loan agreement with them that, basically, provides that in case of default in any of the installments or mortgage payments, the whole of the debt becomes due. It is, thus, understandable for troubled borrowers to feel intensely about the possibility of losing their homes.
But your anxiety should not get in the way of resolving your situation. Indianapolis Real Estate property owners should know that once a suit for foreclosure has been filed, they only have a limited time to respond to their creditors' action. Otherwise, you run the risk of being stopped from claiming and invoking your rights.
If this happens, the most logical and appropriate action that you should take is to consult an attorney that not only specializes in foreclosures, but also one who is licensed to practice in Indianapolis and has extensive experience in handling suits involving Indianapolis Real Estate. Why is this so? State foreclosure laws vary and there is much wisdom in relying on a legal expert who is licensed to practice in Indianapolis. In this way, you will be assured that your case is being handled appropriately and in accordance with state laws.
Your attorney would also tell you that you have several options to choose from when confronted with a foreclosure. Depending on whether you intend to keep and save your home or just settle your obligation and save your credit rating. Either way, there are options that you can explore to address your particular situation.
Some of these options are a forbearance plan, where your lender agrees to temporarily suspend your payments until you can recover financially and a mortgage modification program where you negotiate with your creditor to rewrite the terms of your loan agreement to make it more affordable to you. Indianapolis Real Estate property owners could also ask for lower interest rates to better manage their loans.
At the end, what is important is that you can avoid a foreclosure. You just have to know and understand your options as well as the risks of each option to be fully aware of the consequences of each.
For more helpful foreclosure information, visit ForeclosureDataBank.com. Find great deals on Indianapolis Real Estate and in any other location across the country. Check it out and find your next home today!
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