Every family dreams of having their own property. Some would be lucky enough to get one that they can call home. But in real life, anything can happen. One day, you wake up and learn that you don’t have a job anymore.
You are the family’s breadwinner, and you are still in the middle of paying your home mortgage. Losing your home due to foreclosure can be one of the most painful feelings ever. You will not get a property if you don’t have plans to pay for it in the first place.
There are foreclosure defense attorneys in Salt Lake City who can help you. There might still be hope in saving your property from foreclosure.
Factors that lead to foreclosure
Foreclosure refers to property repossession. It occurs when you apply for home mortgage loans, and then you are not able to pay for it anymore. In that case, you would have to move out and look for another place to stay. Foreclosure can affect your credit score as well as your chances in obtaining loans in the future.
There are different reasons properties end up getting foreclosed. Among common instances include:
- Job demotion or retrenchment
- Piling debts
- Death of the main provider
- Medical emergencies
- Increase in inflation and interest rates
What foreclosure lawyers can do for you
You might think you’re a victim of circumstance and that foreclosure is the last thing in your mind. You would consider fighting for your right to protect the property you have invested for. In such cases, a foreclosure lawyer may help you with your situation.
Foreclosure cases may vary. But you can have a chance to retrieve your property. Among common defenses that would need a foreclosure lawyer include:
- Errors on the part of the loan servicer. This includes failure to credit on-time mortgage payments, mischarging of fees, and so on.
- Errors or improper implementation of foreclosure. It should follow the procedure as per mandated by the state.
- The other party cannot present loan ownership evidence. If there’s no evidence, the other part does not have the right to foreclose your property.
Avoiding foreclosures
To avoid or stop a foreclosure, you should remember these tips and keep your mortgage on track:
- Inform the lender – Lenders can also help you deal with your situation without resorting to foreclosure. It’s also their last resort but would not want to do it as much as possible.
- Sell some items – Sometimes, you may have no choice but to sell or use your possessions as collateral. It can be your car, jewelry, or others. This can help keep your loan on track and avoid getting foreclosed.
- Consider your priorities – Having a house is one of the most important things everyone should have. Cut unnecessary expenses and ensure you pay your mortgage on time.
If you are having financial problems that can affect your mortgage payment, you should address it immediately. The longer you ignore it, the higher the chances your property will be foreclosed for good.
