Options You Could Consider for Foreclosure Help in Springfield

In this tough economy, more and more people are finding themselves faced with the prospect of foreclosure when it comes to their homes. These desperate times have left a lot of people feeling helpless as they would not know where to get foreclosure help. With increased unemployment, more people are losing their hard earned homes. However, you do not have to lose your home. There are some options that you could consider when it comes to foreclosure help in Springfield.

1. The Government: The first place that you can turn to when looking for foreclosure help is the United States government. Currently, there is a loan modification program that is in place. However, not all the people who would need assistance from this program will qualify for it. It may be a valid option for a number of home owners but by no means is it a blanket option that will assist everyone. The one thing to note about the loan modification program process is that it is quite long. In addition to this, it takes a lot of paperwork that could be quite complex and confusing. One mistake in your paperwork could result into your entire application being rejected thus if you are planning for this type of foreclosure help, you would have to be very vigilant.

2. Professional Foreclosure Help in Springfield: The other option that you could contemplate when it comes to foreclosure help would be to enlist the services of a bankruptcy lawyer or a foreclosure attorney. The moment that you have your property being threatened, it is best advised that you enlist the services of a professional to guide you through the process. A foreclosure attorney would be able to analyze your particular situation and let you know what the best way forward would be. A bankruptcy lawyer on the other hand would be able to let you know if you are eligible to file for bankruptcy and if you will be able to save your home in the process. Some of the courses of action that could be presented to you include filing for Chapter 7 or Chapter 13 bankruptcies would depend on what your specific situation is. Another course of action would be to refinance the mortgage payment that you have or have it modified. You could get in touch with your bank and ask them to lower the interest rate that you are currently paying. Alternatively, you could request to have the principal on your mortgage lowered. All these options are not fool proof but they are a great step in trying to ensure that you do not lose your home.

Having an attorney give you legal counsel during this time would be a good way of heading in the right direction when it comes to trying to save your home.

 

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