Stopping Foreclosure


How to Stop Foreclosure

Facing foreclosure is scary and confusing. Having legal help simplifies the process and can save you money overall. The Law Offices of Jill Pogach Michaels helps homeowners find alternatives to foreclosure, make informed decisions and develop legal documents throughout the process. If you can no longer afford your mortgage, you may have several options to save your home and credit.

Ways to stop foreclosure:

  • Short-term solution: Your mortgage company may be able to work with you to come up with a short-term solution, like freezing monthly statements and allowing you to make up missed payments, if you’re facing a temporary hardship.

  • Loan modification programs: You may be able to change the terms of your loan to make your mortgage payments more manageable.

  • Short sale or short payoff: Depending on your eligibility, your mortgage company may allow you to sell your home for less than you owe. You may or may not be liable for the deficiency balance (the difference between what you owed and what the home actually sold for).

  • Chapter 13 bankruptcy: This option likely impacts credit more, but if you’re eligible, it lets you work with your creditors, including your mortgage company, on a payment plan to pay off some or all of your debts. Under Chapter 13 bankruptcy, homeowners usually keep their homes.

  • Deed-in-lieu of foreclosure: Sign your home over to your lender in exchange for release from your loan.