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The door may not be closed on your foreclosure situation

If you live in the Washington DC metro area, you are likely no stranger to the economic challenges that have plagued this area, as well as surrounding regions, for more than a decade. In fact, there's probably not a major city (or rural area, for that matter) that remains untouched by the roller-coaster economy that some say is finally beginning to stabilize. Hopefully, things are looking up in your corner of the world, but if you're one of many still facing financial disaster, you are not alone.

In fact, many people received mortgage loans in recent years based on questionable lending practices that took advantage of the desire to own a home. Maybe you were one of those people, and now you're left holding the bag on a debt you are completely unprepared to meet. Perhaps securing a loan was no problem, and making payments was going along just fine, until extenuating circumstances occurred to throw your finances off-balance.

Don't panic! There may be options available

If you unexpectedly found yourself out of a job, or someone in your family underwent surgery for an urgent medical condition, you may have taken more than a few steps back regarding your financial stability. At first, you may have thought what others who have been in similar situations in the past have thought, that is, that you'd just keep struggling along until it all worked itself out. If you're now facing the threat of foreclosure and don't want to lose your home, you may have heard the following advice regarding possible solutions to your current financial problems:

  • If your credit score is still good, you might consider calling your lender and discussing the possibility of lowering your mortgage payments (without refinancing) for a certain amount of time.
  • There are also companies who are willing to help high credit scorers by suspending the foreclosure process for 30 days, providing they are eligible borrowers.
  • Sometimes, you still have wiggle room to tighten your purse strings even if it's not immediately apparent. By carefully reviewing your spending habits, you may be able to access funds you didn't even realize you had to help satisfy your mortgage payments and save your home from foreclosure.
  • Many people seek experienced assistance for help exploring loan modification options.

All of this advice assumes that your financial problems are limited to your mortgage loan payments, but that rarely ends up being the case. If you struggle to keep a roof over your head, you likely have other financial difficulties as well. When your lender comes down hard and threatens to seize your home, it can make you feel like the rug's being pulled out from underneath your feet. You may need to consider other ways you might be able to save your home and deal with your other financial obligations as well.

Some people choose to file for bankruptcy because it often allows those in financially difficult situations to reorganize their debt while maintaining possession of their assets. In addition, filing could also stop a foreclosure in its tracks, at least temporarily. If you're considering this option and wish to speak to someone well versed in bankruptcy law, you can request a meeting with a knowledgeable attorney in the Washington DC metro area.

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