When you’re unable to make your monthly mortgage payments, the bank may begin foreclosure proceedings after 90 days. While this is a scenario no homeowner wants to face, it doesn’t necessarily mean you will lose your home. If you contact an attorney immediately and follow the steps outlined below, you may be able to restructure your debts and remain in your home.

What to Do When Facing Foreclosure 

1. Hire an Attorney

It’s in your best interest to contact an attorney as soon as you receive a foreclosure notice. They’ll know your state’s foreclosure laws and will be able to advise you of your options, which may include filing for personal bankruptcy or attempting to modify the terms of your current loan.

A lawyer will also be able to speak with the bank on your behalf and make sure you reach a payment agreement that’s in your best interest.

2. Read All Your Mail

While it may be tempting to put off, ignoring late payment notices from your mortgage lender is one of the worst things you can do when facing foreclosure.

These notices often contain important information about your bank’s foreclosure process and how to respond to pending legal action. It’s also essential to have a solid understanding of the terms of your loan by reviewing relevant paperwork.

3. Review Your Assets & Monthly Budget

If you have expendable assets you can sell to help you reinstate your loan (such as jewelry or a second car), do it. You should also review your monthly expenses and cut out items that aren’t absolutely necessary, like cable TV and/or novelty subscription boxes.

In addition to helping you free up cash that you can put toward your mortgage, this will also show your lender that you’re committed to making financial changes to save your home.

If you’re facing foreclosure, contact Brian R. Cahn & Associates, LLC today. With more than 20 years of experience serving northwest Georgia, these seasoned attorneys will lay out the available debt relief options and help you reach an agreement that may enable you to stay in your home. Visit their website for more information and call (770) 382-8900 to schedule a consultation at their Cartersville office. You may also call (706) 275-6022 to contact their Dalton location or (678) 247-1408 to speak with an attorney at the Woodstock location.