Preventing mortgage foreclosure – it is necessary to address the problem
Ignoring the problem will not make it go away. As a Tennessee family struggles to pay their mortgage, the natural inclination is to think that things will get better and that the problem will go away. In some cases, this will happen; however, as many families continue to struggle and sink deeper into problems with their mortgage, it is necessary to address the problem and take action to possibly prevent mortgage foreclosure.
Communication with the mortgage lender is important. Once the mortgagee recognizes that there is a problem keeping up with mortgage payments, he or she will want to contact the mortgage lender. It is possible that the lender has some options that will assist the individual in getting back on track financially. Along with this, it is necessary to pay attention to information that the mortgage lender mails outs; this may contain important information or options to prevent foreclosure.
As paying the mortgage becomes a problem, the family has most likely cut back on other spending and begun making decisions regarding which bills should be paid first. In most instances, mortgage and health care payments should take first priority. Credit cards and other debts are generally unsecured and thus easier to hold off. It may also be necessary to attempt to bring in extra income by taking on additional work and/or selling less important assets if possible. While this may not be enough to make the full mortgage payment, it does show that the individual is doing everything possible to resolve the problem.
There are a number of foreclosure prevention companies that claim they can assist a Tennessee family in preventing mortgage foreclosure. Unfortunately, these often come with unneeded costs and fees. It is important that the individual knows his or her rights. An experienced attorney can assist by reviewing the situation, working with the mortgage company, reviewing legal documents and possibly assisting the family in preventing mortgage foreclosure.