The Best Opelika Foreclosure Defense Attorney

You are not alone in your struggle with mortgage payments. In fact, Opelika foreclosure defense is a commonly sought out service.

Opelika foreclosure defense is a commonly sought after service. You are not alone in your struggle to stay on top of difficult payments and juggle all of the other expenses that come with life in the Auburn & Opelika area. In fact, foreclosure is actually quite common. 

Foreclosure begins when a borrower misses their mortgage payments. Lenders can look to repossess your home and sell it to recover their lost margin. Foreclosure works this way because with mortgage loans, your home itself is held as collateral should you, the borrower, default on payments. If you want to learn more about the best Opelika foreclosure defense attorney, contact David S. Clark today, and read here about the best tips for dealing with foreclosure. 

Asking for Forbearance

Borrowers asking for forbearance during times of financial difficulty is a common occurrence. Oftentimes savings run low, income is not at the level expected, or some unforeseen crisis arises that causes a serious financial blow. Life happens, and when it does, the possibility of forbearance is in place. What forbearance does for borrowers, essentially, is allow them a limited amount of time to pay off debt, acquire more income, or increase their savings in the wake of a financial crisis.

This limited period where mortgage payments are paused gives borrowers some time to get back on their feet. Without the impending mortgage payment being around the corner, borrowers can focus on rebuilding their finances and preparing themselves to take on their future mortgage payments. While this period of forbearance is not unlimited, it can still go a long way in helping borrowers get themselves back into a better financial position.

Applying for a Repayment Plan

A mortgage repayment plan is another option for those suffering from a short-term financial crisis. A mortgage repayment plan takes the amount of money that is past-due on your mortgage and splits it up, spreading it over future payments until the debt has been paid off. This allows borrowers to look into the future without worrying about past unpaid debts.

Keep in mind that with mortgage repayment plans, future payments will be more expensive than they were previously, on account of the addition of the missed payments to the future months’ payments. This would not be an advisable option for those who are dealing with more sustained financial difficulty, as this can lead to more missed payments. Consider applying for a mortgage repayment plan only if your financial hardship is short-term.

Refinancing Your Loan

If you have yet to miss a mortgage payment, but are wary of the possibility of doing so in the near future, refinancing your loan can be an option to help you avoid foreclosure. What refinancing does for borrowers is allow them to agree to a more affordable payment plan for them. This could include an extended timeline with lower monthly payments, for example.

Refinancing your loan is unfortunately not an option if you have already missed a mortgage payment, or if the foreclosure process has already begun. However, there are still options to fight for your home after you have missed a payment or foreclosure has begun. 

David S. Clark, Opelika’s Foreclosure Defense Attorney

If you are dealing with financial hardships including foreclosure or the threat of foreclosure, contact David S. Clark today for help. With over 25 years of experience serving the Auburn & Opelika area, David is tested, professional, and prepared to help you reach the best possible outcome of your financial hardships. 

For help with foreclosure defense, bankruptcy law, Chapter 7 or Chapter 13 bankruptcy, schedule a free consultation today, and let us help you onto the road towards financial recovery.