Alternatives to Foreclosure for Iowa Homeowners

For many Iowa homeowners, foreclosure simply isn’t an option. Losing your home will affect every aspect of your life, especially if you have a family with children. Once you miss three months of mortgage payments (as I detailed recently in a post about foreclosure and your credit) your bank will pursue a foreclosure on your house. While you may feel powerless during this process, it is vital that you don’t just roll over and accept the consequences. While you’re in a tough financial situation, there are numerous alternatives to foreclosure that are designed to keep families and individuals in their homes, and help them get to a place where mortgage payments are manageable. If you miss even one mortgage payment, it is absolutely essential that you are proactive in your fight against foreclosure. Once you’ve missed three payments, the bank will not hesitate to initiate the foreclosure process. To avoid finding yourself without a home, it is important to look into foreclosure alternatives right away.

So what are these alternatives? Obviously the bank isn’t going to simply forget that you’ve missed payments, so how can you get around the fact that your monthly mortgage payment is simply too high? As the U.S. Department of Housing and Urban Development points out, it is always best to start by contacting your mortgage lender directly before seeking other alternatives. Frequently, these companies have programs that will help you with your mortgage problems. It’s in the best interest of your lender that you continue to make payments toward your home, so don’t be afraid to be honest and forthright with them. Frequently, the lender and the borrower are able to work out something that works for both parties.

There are times, however, when mortgage companies aren’t as easy to work with and you need to find third-party assistance. If your lender won’t work with you, there are government programs available for many different housing situations. Many of these programs have been developed over the past five years after the housing bubble burst in the mid-2000s. Foreclosures are down in part due to government help, and it’s important that you explore these options. If you think you may be eligible for help within any of these programs, this may be your best foreclosure alternative.

But what do you do if you aren’t eligible for outside programs, and your mortgage company is simply refusing to work with you? If your back is against the wall and you think there’s nowhere to turn, Marks Law Firm is here to help you keep your home. For years, we’ve helped Iowans throughout the state find foreclosure alternatives and save their house from being seized by the bank. If you’re headed for seemingly certain foreclosure, it behooves you to at least sit down with us and discuss your financial predicament with our team. Frequently, we can help those who thought they had no other options, and we’ve kept hundreds of families in their homes successfully. Call us today to schedule an appointment to figure out what foreclosure alternative is right for you!

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