Purchasing and owning a home is a major accomplishment and life event for residents in South Carolina and elsewhere. While it might take years to make this dream come true, it is ultimately worth all the hard work and dedication. Unfortunately, a homeowner's dreams could come crumbling down. Financial problems and other unfortunate events could make it difficult to make a mortgage payment. This places a homeowner in a very difficult situation, and it could mean losing their home to the foreclosure process.
Even the mere thought of foreclosure makes an individual want to take action to prevent it from ever occurring. Nonetheless, there isn't much one can do to prevent it being initiated against them, but there are options available to those going through the process. I is possible to fight back, even if the process has begun. This could ultimately help the homeowner stop the foreclosure process, helping them maintain their home.
Implementing a foreclosure defense is the best way to halt or stop the foreclosure process. This can be done in several ways. Ultimately, what a homeowner needs to do is obtain a mortgage modification. Common ways to accomplish this is by seeking a reduction or a change in the home loan's interest rate, obtain a reduction in the loan's principal, see a reduction or elimination of late fees and penalties for non-payment, obtain a reduction in your monthly payment or apply for a forbearance, which can stop your need to make payments and extend the time for making payments.
The ultimate goal of a foreclosure defense is to prove that the bank does not have the right to foreclose on your home. While it is a growing strategy to dal with the possible foreclosure of a home, it is varies state by state. In some cases, this defense process can be complex, especially when dealing with a chain of title. Because of that, it is advisable to seek assistance from an experienced legal professional. This will ensure you go through the process efficiently and with your rights and interests protected.
Source: Debt.org, “Foreclosure Defense,” accessed Oct. 15, 2017