How to Avoid Home Foreclosure When Struggling to Make Your Payments

Friday, July 10, 2020, 6:00 AM | Leave Comment

In this day and age, many people are struggling with paying their bills.

Unfortunately, that includes their mortgages. Thanks to the COVID-19 pandemic and the massive financial consequences which have followed, a surge of foreclosures are expected in the near future.

Unfortunately, this can have devastating personal and financial consequences and can lead to foreclosure.

The good news is that there are ways to make payments and stay in your home if you are one of the people struggling with your mortgage.

Here is a look at some tactics you can use, as well as some resources of which you and your family can take advantage.

  • Consult with a lawyer

    You should always determine your legal options. Some specific lawyers, like a bankruptcy lawyer, may know how you can handle your particular legal situation and have suggestions on things you can do. This will also ensure that all of your legal rights are protected during this time. Furthermore, a good lawyer will be able to ensure that you know your legal rights and that your lender is respecting them.

  • Communicate with your lender

    More often than not, lenders don’t want to foreclose. Doing so is time-consuming and expensive for them. As such, it may be worth talking with your lender to determine what financing options exist for you. They may be able to work out alternative payment plans that can help keep you on track and in your house.

  • Find government assistance

    In the aftermath of the Great Recession, many levels of government established mortgage assistance or intervention programs that were specifically designed to help keep people in their homes. These may involve mediation programs that helped lenders and homeowners find solutions that kept people in their homes. Check with local nonprofits in your area to see if you have an active program. Furthermore, thanks to the CARES Act, many states have set up specific funding sources designed to help people make their mortgage payments. You should investigate if your state has one of these programs.

  • Reexamine your personal budget

    If you are struggling to make ends meet, it may be time to examine your budget. There may be other expenses you can reduce that can help you make your mortgage payment and stay in your home. While this may involve real sacrifice, there are few things as important to your life or long-term financial success than making your mortgage payments on time and thus avoiding foreclosure.

Remember, foreclosure isn’t inevitable. Following the steps above can help get you started on a pathway that keeps you in your home.

Throw us a like at

Post a Comment on Content of the Article


This is not a billboard for your advertisement. Make comments on the content else your comments would be deleted promptly.

CommentLuv badge