Mortgage Debt

When you are facing the possibility of losing your home because you have fallen behind on your mortgage payments it can be a scary and overwhelming process. The reason for this struggle can be due to any issue, including a family member losing a job or emergency medical expenses. You may also be suffering from having a mortgage that had a fixed rate for a few years and then changed over to an adjustable rate. You never know what to expect with this type of mortgage rate, causing you to no longer afford your home.

No matter the reason for your mortgage woes, there is help available. The Federal Trade Commission, which is the agency that protects consumers, provides sources to help you avoid foreclosure and save your home.

Another source of help, which will fight with you on the front lines, is Be Free Financial. Their professional staff understands the steps that must be followed to help homeowners avoid foreclosure and get back on the path to healthy home ownership.

The first step is to determine the type of mortgage that you have. Be Free Financial will determine the options available to you by the type of loan you have. Once they have evaluated your situation they can begin negotiating new terms. This may include one of the following processes:

  • Forbearance: This allows homeowners to have their payments suspended for a certain amount of time. After the time period they will begin paying again at regular intervals with a lump sum payment for the overdue amount.
  • Loan Modification: This is a negotiation to change one or more of the terms of your mortgage to make the payments more affordable for you.
  • Chapter 13 Bankruptcy: This may provide you an option to keep your home, and pay it off at a lower rate. This process can be very overwhelming, which is why contacting a Be Free Financial representative is so important.

The fact is that having to face losing your home can be scary, overwhelming and stressful. However, there is hope for your situation. It is important to know your options in order to prevent the unthinkable.