If a homeowner falls behind on mortgage payments, the lender can attempt to repossess the property by initiating foreclosure proceedings. Before it gets to this point, however, the borrower may be able to regain control of the situation and ultimately retain ownership of the property. Although every case is different, the following strategies can effectively prevent a home foreclosure in many scenarios. 

3 Ways to Avoid a Home Foreclosure 

1. Be Proactive

Borrowers who reach out to their lender as soon as they realize they're going to miss a payment are much better equipped to prevent a home foreclosure. These proceedings are a hassle for all parties involved, so most banks are willing to work with their debtors when possible. For example, they might offer a loan modification or forbearance arrangement if the borrower is eligible. 

2. Prioritize the Necessities

Sometimes, avoiding a home foreclosure is as simple as reallocating funds. When money is tight, that means sacrificing certain luxuries to ensure the essentials are covered. For example, pausing streaming services can help the average American save nearly $350 a year. In addition to spending less, finding ways to make more—like picking up some extra shifts at work—can help when it comes to overcoming a financial hurdle. 

3. Seek Guidance 

Just because there are laws regulating foreclosure proceedings doesn't mean lenders always follow them. Since most borrowers aren’t familiar with these laws in detail, they may not necessarily know if the bank has violated their rights at any stage. As such, it’s wise to seek counsel from a knowledgeable attorney who practices foreclosure defense. 

Those who fall behind on their financial obligations can turn to Robert A. Schwartz for help avoiding a home foreclosure. Practicing out of Rochester, NY, this seasoned debt relief lawyer has more than three decades of experience. A skilled negotiator who fights tirelessly on behalf of his clients, attorney Schwartz uses all the resources at his disposal to secure the most favorable outcomes possible. In addition to foreclosure defense and bankruptcy representation, he assists with real estate transactions and estate planning. To schedule a free financial evaluation, call (585) 334-4270 or visit his website to browse his practice areas.