5 Options to Help You Avoid Foreclosure

Falling behind on your mortgage payments can happen to anyone for a wide range of different reasons. If your mortgage company has told you that your home will be foreclosed upon, or you worry that this may happen, it is important to act quickly. There are more options than ever when it comes to avoiding foreclosure, and if you take the right steps, you can actually emerge from this situation in a stronger financial position than ever before. The following are some of the different options you may have available to you.

Refinancing Your Mortgage

If you are behind on your mortgage, or are at risk of falling behind, refinancing may be the best option. It can be difficult to qualify for if your credit has already suffered due to late payments, or if you are behind due to a loss of income. If you do qualify, however, refinancing will allow you to get more reasonably caught up, and in many cases can even leave you with a lower monthly payment then you had before.

Loan Modifications

There are many mortgage modification programs available today. These programs are offered through mortgage companies, state government agencies, and the federal government. Each one is a little different, but if you qualify, it could allow you to get caught up on your payments, reduce your principal, and even reduce your interest rate.

Short Sale

A short sale is a good option if you owe more money on your home than it is worth, and you aren’t really interested in remaining in the house anyway. An experienced attorney can help you work out and agreement with your mortgage holder that allows you to sell your home for less than you owe. While you don’t get to keep the home, you also don’t have to go through foreclosure, which can be very bad for your credit.

Deed in-Lieu of Foreclosure

Deed in-lieu of foreclosure is another option that can be used to avoid foreclosure without keeping the home. Essentially this option has you turn over the deed to the house to the mortgage company so they can begin the process of selling it. This helps you to avoid the negative implications of a foreclosure, and also benefits the mortgage company because they won’t have to go through the expenses of foreclosure.


Declaring bankruptcy is an option that many people overlook, especially if they aren’t in dire straits in other areas of their financial life. When you enter bankruptcy, however, the foreclosure process must stop until the courts make their final ruling on the bankruptcy process. The bankruptcy process can also help by dealing with other areas of your finances so you can emerge in a position where you are better able to keep up with your mortgage.

Get the Help You Need

No matter which of these options you choose, having an attorney at your side can ensure everything is handled properly. An experienced attorney can help negotiate with the mortgage company and protect your rights throughout the process. Contact the Law Office of Ray Garcia to learn more about all your options today.

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Law Office of Ray Garcia, P.A.

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