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Can I negotiate with my bank to prevent foreclosure?

It takes so much work and dedication to afford a home, when foreclosure proceedings are breathing down your back, the idea of losing everything you have worked so hard for can be very disheartening. However, there are a lot of options available to homeowners that can help them stop the foreclosure process. One of the best ways to prevent foreclosure, for example, is to negotiate with the bank that issued the mortgage.

While negotiating with your bank is not always possible, some lenders will be very willing to make adjustments to your mortgage in order to support you in meeting your debt obligations. As such, it is always worth giving your bank a call to ask what options are available. There is literally nothing you have to lose in this regard.

If your bank is willing to work with you, and it might let you submit partial payments for a limited period of time to give you some financial breathing room. Your bank might also accept late payments related to a specific time without penalty. Alternatively, it might alter the terms of your actual loan.

Outside of speaking with your bank, there also some federal programs that could help you prevent the foreclosure of your home. Some of these programs are: FHASecure, the Homeowner Affordability and Stability Plan, and Hope for Homeowners. By looking at these programs, homeowners could find that they are able to stop their foreclosure proceedings and save their homes.

If you are a Pennsylvania resident, and your home is in danger of being foreclosed, you might benefit from having a foreclosure attorney advocate on your behalf. An attorney will be completely familiar with all the options available in your particular situation, and he or she may be able to guide you in a helpful direction that you would not have considered otherwise.

Source: FindLaw, "Prevent and Manage Foreclosure FAQs," accessed March 25, 2016

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