My mortgage lender is filing foreclosure because I am behind 90-120 days. What are my options?

by Thomas D. Richards, Lawyer Referral Service Panelist

Once a lender files foreclosure, they will usually not make any more contact with you. Likely they have tried for the past several months to get you to make your back payments but to no avail. Their only option is to refer out your case and have a lawyer file the foreclosure case.

Your options at this point are still numerous.  However, be aware that as your case progresses through the legal system you start to have fewer and fewer options until finally you have none.  Now is a very critical time for you to still try to salvage your home and work something out with your mortgage lender.  Some of your options are:  (1) Payment Plan, (2) Reinstatement, (3) Forbearance Agreement, (4) Deed in Lieu, (5) Short Sale, (6) Loan Modification/HAMP Program, (7) Mediation, and (8) Bankruptcy.  Each of these options is explained in more detail in additional blogs in this series.  At this stage, you need to make the initial move to request and pursue these options with your lender.  It is recommended that you review these options with an attorney so he or she can advise you on which ones will work best for you.

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