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Your options when facing foreclosure in New Hampshire

Facing foreclosure can be a very scary situation to be in. You may feel that your future is uncertain. Many people decide to bury their head in the sand when faced with foreclosure papers in Nashua. However, inaction is the worst thing that a person can do if they see foreclosure on the horizon. By understanding how you can take action, you will likely be able to delay or even prevent foreclosure proceedings.

Taking action starts with getting organized. You need to simply face up to the payments that you have missed, the debts that you have acquired, and the consequences that you are set to face. When you have done this, you can start to consider the following options and how they apply to you.

Negotiate with your lender

Having a good relationship with your mortgage provider is key. Ultimately, they have all the power in their hands. It's never an ideal situation for lenders to foreclose on a property, and you should use this to your advantage. Lenders may be willing to come to another agreement if you can show that you are serious about making things work. Common solutions that can be achieved through lender negotiation include refinancing of your mortgage, forbearance and creating a repayment plan.

File for bankruptcy

If you are struggling with additional debts and a limited income, you may decide that filing for Chapter 7 bankruptcy is the best option for you. This could help you to liquidate all your assets to get a fresh financial start. You will likely also benefit from a debt discharge, meaning that you will not have to pay off all your debts in full.

Go through a short sale

If you don't think that you can use the value of your home to pay off your mortgage, you may want to go through a short sale. This is the process of selling the property and allowing the bank to make a loss. This gives you a fresh start, but you will need the bank's permission, and you will lose your home.

If you are unsure of which action to take when facing foreclosure, it is important to apply any advice that you receive to your individual circumstances.

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