Nobody wants to be evicted. The thought of being forced from the home that your family has occupied for years is heartrending. If you’ve missed mortgage payments and it doesn’t look like you’ll be able to catch up, you probably worry that foreclosure is unavoidable — but that may not be the case.
The following are some steps you can take to try to prevent the seizure of your home:
- When you can’t make the payment for your mortgage, address the problem as soon as possible. Don’t ignore it. Delaying action won’t help you reinstate your loan.
- Eliminate unnecessary expenses and save money to prioritize the house payments.
- Sell excess belongings, get a second job and look for other ways to make additional money, like gig work.
- Contact your lender right away and explain your situation. Ask your lender if they have options to help you through this challenging financial time.
- Read and respond to all letters from your lender — they can have helpful information and important legal notices you’ll need to know for foreclosure court.
- Study your mortgage documents so you’ll know your rights and what actions your lender may take if you can’t pay.
- Learn about the time frames and other legal details of foreclosure in Mississippi.
- Stay away from for-profit foreclosure prevention companies — there’s free help available instead.
- Look into government programs designed to provide foreclosure relief and talk to a housing counselor free of charge.
- Don’t fall for foreclosure rescue scams. Don’t believe any promise of a quick fix. Never sign anything unless you understand what you’re agreeing to. Otherwise, you might be signing over your house to an unscrupulous con.
- If you qualify, consider filing Chapter 13 bankruptcy to automatically halt the foreclosure and get on a repayment plan.
If you are facing the possibility of foreclosure, another important step you can take is to discuss the issue with an experienced Jackson attorney, especially if you’re considering filing bankruptcy to save your home. A knowledgeable and sympathetic lawyer can help you understand your options under Mississippi law and figure out a plan to move forward.