There are many ways to get foreclosure help if you need it. Distressed homeowners in the Chandler, Arizona area can consult with a HUD certified home counselor to help them sort out foreclosure prevent options so they can prevent their homes from becoming foreclosed homes. There is no charge to speak with a housing counselor. If you think you are going to default or you are in default, you want to get help right away before the situation escalates and you lose your home. It’s a good idea to communicate with your lender right away as well to let them know your intentions. Find out what programs they have available to help you. Lenders want to cooperate with you because they don’t need more foreclosed homes. They already have too much foreclosure inventory right now.
Foreclosure Defense Attorney
Chandler homeowners may want to seek the help of a foreclosure defense attorney to do a forensic loan audit review to determine if their lender has violated any truth and lending laws or committed predatory loan practices. The attorney can use any discovery of irregularities to put pressure on the lender to negotiate a foreclosure resolution such as:
- Mortgage modification
- Short Sale
- Deed in Lieu of Foreclosure
- Forbearance
- Reinstatement
- Refinance
Lenders can face fines and penalties for violating such laws, and are much more apt to cooperate and help you find a solution so your home doesn’t become another one of their foreclosure listings. The attorney can defend you in court to contest the foreclosure as well.
Government Programs
A Chandler distressed homeowner can also take advantage of the government foreclosure prevention programs if their lender agrees to participate. The following are government programs that you may qualify for:
HAMP is for homeowners who want to obtain a mortgage modification modifying your existing mortgage. If you have been turned down for a modification under HAMP, or you have been unemployed for three months and can document your unemployment, you may qualify for a short sale, deed in lieu of foreclosure or forbearance under the government’s HAFA short sale and deed in lieu program. For Chandler homeowners who qualify for a refinance, you may want to take advantage of the government’s HARP program. A modification or refinance will lower your monthly payments to a more affordable one. A short sale will allow you to sell your home for less money than you owe your lender and walk away owing nothing to your lender. A deed in lieu allows you to give your home back to your lender by signing a deed transferring title back to the lender and walking away.
Bankruptcy
If you have other debts beside mortgage debt that you are drowning in, then filing for bankruptcy might be the only solution. It’s a good idea to consult with a bankruptcy attorney first before you file so you know if you have any other options. Bankruptcy stops foreclosure until your case is discharged. You may be able to keep your home if you file a Chapter 13 bankruptcy, which is a way to reduce your debt by entering into a payment plan with your lender and other creditors. But if you need to wipe out your mortgage debt and credit cards, then a Chapter 7 liquidation is the better choice.
There is help for distressed Chandler homeowners to save their homes. You just need to stay calm, and take action. Doing nothing will only make your situation worse. It won’t go away on its own.
