Can’t pay your mortgage? Wondering, “what now?” The good news is that there is a way to save your home and help get you out of debt, but timing is everything.
When a mortgage loan is established, it basically means that the buyer agrees to pay back the lender within a determined time and for a specific cost. When payment is not made, the lender has procedures to handle the situation. Most mortgage lenders have some sort of “grace period.” Even if you’re payment is late, if it arrives within the grace period, you may avoid a late fee. However, if you have not attempted to contact the lender to negotiate payment and the grace period has expired, the lender will assume that your mortgage is “in default.” They will make attempts to contact you, and to collect. If these attempts are unsuccessful, the lender will begin the foreclosure process.
A mortgage loan is considered a “secured debt,” meaning that the lender can ultimately take back your property if the loan goes into default. File for Chapter 13 bankruptcy to save your home.
Visit the Foreclosure Resource Center for answers to more of your questions.
In fact, for those struggling with mortgage debt, understanding your options can be critical. Debt Advisors have comprehensive resources available, such as insights on mortgage delinquencies in Wisconsin and the latest regulatory changes that reduce foreclosure threats. Our goal is to ensure homeowners are informed and can make the best decisions possible. Before taking any drastic steps, it’s always recommended to consult with a Wisconsin bankruptcy attorney that can help prevent foreclosure.
The longer you wait to do something, the fewer options you may have. Don’t fall victim to mortgage relief scams or home rescue scams. Talk to an experienced bankruptcy attorney today at Debt Advisors Law Offices in Oshkosh. The consultation is free.