Prince George’s County Foreclosure Attorney – Helping Struggling Individuals Save Their Homes
With thousands of people having trouble making the next mortgage payment, it is good news that help is available.
Yet, struggling homeowners must take the first step.
As Prince George’s County Foreclosure Attorney pointed out, “homeowners ignoring the problem may end up losing their homes to foreclosure, and perhaps with disastrous effect on their ability to qualify for future credit”.
Here are some things homeowners can do
• They must contact their lender right away and explain why they are unable to make the payments, and whether the problem is temporary or permanent. They must also spell out the details of income, expenses and other assets they have.
• If they feel uncomfortable talking to their lenders, even an experienced Prince George’s County Bankruptcy Attorney can explain all the options.
• Struggling homeowners must make all efforts to make their mortgage payments, if possible by cutting down on certain avoidable expenses. A part time job can greatly help.
It is important to understand that some lenders offer workout plans designed specifically for struggling individuals to keep their homes. They may offer special forbearance by way of reduction or suspension of payments to allow them to come to grips with the financial situation.
The lenders may also offer mortgage modification by adding overdue payments to the loan balance, with some slight alteration in interest rates.
Understanding the legal steps of the foreclosure process helps in knowing when to ask for attorney help.
A Prince George’s County Foreclosure Attorney not only defends their clients in a foreclosure proceeding but also works for an alternative to foreclosure.
The Law Office of Rowena N. Nelson is a leading provider of legal service in the District of Columbia and Maryland.
