When financial issues start mounting, and you find it increasingly difficult to pay your mortgage each month, you may be close to foreclosure. This rarely comes as a total shock, as it takes months of being behind on your mortgage for the legal process to begin, but it can still be deeply upsetting. Before you contact a foreclosure attorney, there are warning signs to look for that may suggest you're headed for foreclosure.

How to Tell When Foreclosure Might Be in Your Future

1. Your Earning Power Decreases

The leading cause of foreclosure is a drastic change in a household's earning power. For example, if the home's breadwinner loses their job and isn't able to find one with a similar wage, the drop in income could make it impossible to afford mortgage payments.

2. Your Credit Card Bills Are Mounting

If your credit card balances are increasing over time, that likely means you're stretched beyond what you can comfortably afford. If it's not possible to cut back and you've fallen behind in your mortgage, it's likely time to contact a foreclosure attorney.

3. You're Surprised By an Adjustable Rate Mortgage

If a homeowner signs an adjustable-rate mortgage, monthly payments can change and increase over time. If you're living on a tight budget, a surprise change in your bill can make it difficult to pay on time or in full.

4. You're Falling Behind on Other Bills

If you need to choose which bills to pay on time and which to pay late, that's another warning size that you can't afford your current lifestyle. If collection agencies are calling you regarding overdue bills, you might struggle to afford your mortgage soon.

5. Your Emergency Fund Is Depleted

Many people keep an emergency fund as a last line of defense against a possible foreclosure. If you have no emergency funds and you're struggling to keep up with your payments, explore your options with a foreclosure attorney.

If you’re struggling financially and need the assistance of a foreclosure attorney, contact Bueker Law Firm in Stuttgart, AR. Jeremy Bueker has been serving clients throughout central and southeast Arkansas since 2001, so he has the experience you need. Call (870) 673-1313 to schedule a consultation, or visit the firm’s website to learn more about their foreclosure, bankruptcy, and other legal services.