Missing more than three mortgage payments can put you in a precarious situation. You will likely hear from your mortgage company and it won’t be a pleasant conversation. A Notice of Default (NOD) will likely be sent to you, letting you know that foreclosure is on the horizon. If you’ve defaulted on your mortgage, here’s how you can prevent foreclosure in New Hampshire.
One of the first options you have in preventing foreclosure is to file for bankruptcy. When you file for bankruptcy, you will stop the foreclosure process immediately. You will also stop all creditors from contacting you in an attempt to collect on any debt they are owed. Bankruptcy does not end the foreclosure process entirely. It only stops the process for a period. It gives you time to find a new job or put yourself in a more favorable financial situation.
You can also look into a short sale in an effort to prevent foreclosure on your home. A short sale works best for those people whose home might be worth less than the amount left on their mortgage. Putting your home up for short sale will affect your credit, but it won’t be as bad of an impact as letting it go through foreclosure.
Aside from a short sale, you can also sell your home outright for as much as possible. This will prevent foreclosure on your home and will not affect your credit.
Are you in danger of losing your home in foreclosure? Visit our site today to learn more about the foreclosure process, how you can prevent it and how a debt relief attorney can help your situation.