We Play the Foreclosure Game Using the Bank’s Rules

Foreclosure in UtahIn one way, banks make home ownership a reality for many Americans. Thanks to their lending programs, people do not have to starve their way to a house. They are a godsend, especially if you have a stable job and a respectable financial history. On the other hand, they are the ones you do not want chasing down a mortgage payment.

When it comes to foreclosures, the one obvious fact is that people will have to play following the bank’s rules. You borrowed their money, so it is within their right to set the terms. You must know that lenders and other financial institutions have one thing in mind: to earn money. More than that, Christensen, Young & Associates says they ensure that they will get what is theirs.

A Black and White World

In hindsight, when you said you can honor your side of a mortgage deal, it sounded so easy. But, if you are working a regular job, your paycheck comes once or twice a month. You have to budget that money for expenses and utilities, which may leave things a little tight if you still have to pay your mortgage.

Whether you can pay it back or not, it does not matter much if you have been unable to meet mortgage responsibilities for months. The bank probably started the process of reclaiming your house, or not; it is very black and white. But, unless you can leverage a more relaxed contract, you will have to play by the bank’s rules.

More Ways than One

In Utah, the foreclosure law may give you more time. The banks have to clear legal hurdles before getting permission to foreclose your home. So, before they start giving notice, find a viable protection from foreclosure. Fret not, because you are not limited to just paying back what you owe. With a competent legal aid, you can choose what way is best for your situation.

  • Bankruptcy – By filing Chapter 7 or Chapter 13, you can put a temporary stop on your home reclamation. This is exactly why you need an attorney by your side; only they know how to use the bankruptcy laws to protect your property.
  • Lawsuit – While it is not the recommended strategy, a lawsuit can be necessary at times. If you sense an error on the part of the lender, do not hesitate to bring the matter to a foreclosure lawyer.
  • Loan Modification – You certainly do not need a lawyer to get a loan modification, but it helps to have someone review documents. From the start, once you start feeling that you cannot make the payments, ask the bank if they can restructure the payment plan.

You can bounce back from foreclosure. Do not give up something you have wanted and paid for because someone said you should. Seek whatever solution is at hand, and work your way to normalcy.

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