Michigan consumers who are having trouble keeping their mortgage payments current may experience anxiety over losing their home and how this will affect their families. The best way to tackle such a dilemma is to be proactive. As soon as you fall behind with mortgage payments, you may want to explore the different ways to resolve the issue. Many consumers choose to obtain the services of a foreclosure attorney who will be able to explain the different options, and after assessing your unique situation, he or she will suggest a way to proceed.

Although it is possible to personally follow up on the suggested solution, your attorney has the experience and resources to handle it on your behalf while protecting your legal rights and working toward the best possible outcome. Depending on the circumstances, one of the options may be to negotiate with the lender who may be willing to assist by refinancing your mortgage loan or by agreeing to a repayment plan. Other options may include loan modification, reinstatement or forbearance — each of which your legal counsel will be able to explain.

If a foreclosure process is already in motion, many homeowners opt for the protection of personal bankruptcy to delay the process. Personal bankruptcy stops all activities of debt collection and also halts foreclosure proceedings. This may afford you the opportunity to save funds to bring your mortgage account up to date, or have successful negotiations with your lender that will allow more affordable mortgage payments in the future.

Whichever route you choose to follow, your decision may affect the lives of you and your family. The most important part is facing the problem and acting upon it. The guidance of a Michigan bankruptcy lawyer may prove invaluable during this difficult time when foreclosure is imminent and may set you on the road to a stable financial future.

Source: FindLaw, “How to Avoid Foreclosure“, , Oct. 15, 2014