Becoming a homeowner can be both a blessing and a curse. On one hand, an individual owns a piece of property that they can customize however they wish. On the other hand, owning a home can turn quickly into a financial burden that can have dire consequences. When a homeowner runs into financial trouble and can not make payments on their mortgage, the foreclosure process may be used by the lender to reclaim the title of the property and secure the debt that is owed.

If you live in upstate New York and have fallen behind on your mortgage payments, consider contacting real estate attorney John D. Wieser Esq., PC to discuss your options. Below, the offices have outlined a few ways to stop the foreclosure process altogether and get you on the right track.

Top 3 Ways To Stop A Foreclosure

Loan Modification

If the borrower suffers permanent or long-term financial hardship, loan modification may provide some relief. In this situation, reducing the interest rate or extending the original term of the loan can provide enough relief for an individual to get back on track with their payments and avoid foreclosure.

Repayment Plans

In some instances, the lender may allow for a repayment plan to be issued until you make up for the amount that is overdue. If you have never been late on a payment and have good credit, this may be a good option if the lender allows it.

Bankruptcy

When there just isn’t enough money to cover all your bills, bankruptcy is seen as the final straw before foreclosure is put into play. As you may know, there are 2 types of bankruptcy: Chapter 7 and Chapter 13. Most bankruptcy attorneys will confirm that filing for Chapter 7 bankruptcy is only a temporary solution to halting the foreclosure process. It will delay foreclosure by placing an automatic stay on your debts, but the foreclosure process will pick right back up when the stay is lifted. Chapter 13 bankruptcy allows you to work out a “reorganization plan” that may decrease your monthly payments and restructure your debts to allow you to keep your home.

The best way to find the right plan for your situation is to speak with an experienced real estate lawyer and determine which course of action is the best financial option for you and your family. If you are struggling to make payments on your mortgage, the experienced lawyers with John D. Wieser Esq., P.C. are standing by to discuss your options. Visit their website to learn more about how a bankruptcy attorney can help get you through the foreclosure process, or call (585) 328-0660 to schedule a consultation today.