Reasons for Foreclosure

by DeLadurantey Law Office, LLC on April 27, 2011

For those who suffer financial setbacks, you may no longer have the financial reserves that you need to pay your bills. If you are having a difficult time in making your minimum mortgage payments, you may be feeling the risk of impending home foreclosure. Losing a home can turn your life upside down, and therefore it can be highly important to fight your home foreclosure.

Common Reasons for Foreclosure

Mortgage lenders can start foreclosure proceedings after they have not been paid for several months. There are many reasons people are unable to make these expensive payments on their homes. The following situations may lead to the inability to pay the bills, raising the threat of foreclosure:

  • Loss of income
  • Owing more than value of property
  • Rising interest rates
  • Difficulty making credit card and loan payments
  • Difficulty paying unexpected medical bills
  • Divorce

Preventing Foreclosure

Certain financial situations may result in the mortgage lender’s filing for foreclosure. However, there is no reason to assume that foreclosure is the only option. Taking the following actions may help you keep your home:

  • Refinance home
  • Negotiate terms of mortgage with lender
  • Borrow money from family or friends

Preventing foreclosure is the best way to maintain your way of life. Speak with a foreclosure defense attorney today to learn more about how to keep your home.

The threat of foreclosure is stressful, and it can leave you feeling helpless. However, you do not have to face foreclosure alone. Contact the Milwaukee foreclosure defense lawyers of the DeLadurantey Law Office, LLC, today at 414-377-0518 to learn more about your options.

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