Joshua Z. Goldblum, Attorney at Law
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Stop foreclosure in its tracks

You've missed a mortgage payment, and now the bank is sending official and frightening communications. Depending on which lender holds your mortgage, these communications could arrive via certified mail or other means, and you're probably receiving phone calls as well. If you can't make up the missed payment quickly, then you risk running even more behind with mortgage payments and the communications are likely to become even more aggressive.

Homeowners can miss mortgage payments for so many reasons. Sudden and unplanned medical bills have been known to throw personal finances off for years. The loss of a job or a simple mistake with the checkbook can also cause a missed or late payment. Once the first payment is missed, though, a snowball effect can occur. Suddenly, you owe two mortgage payments, and that can be difficult for some households to swing.

If you can't make up for the missing payment, you could end up owing three payments or more -- sometimes thousands of dollars that can be difficult to come up with. It doesn't help that some lenders won't let you make partial payments on the balance until you are caught up. Instead, they send you scary letters about the impending nature of a foreclosure.

In reality, foreclosures don't happen overnight. Mortgage creditors actually have to send you a lot of notices and information, and they usually have to offer options for mortgage loan modifications of some type. Wherever you are in the process, however, it's important to act now. Acting before the bank does can save your home, and working with a legal professional who understands how to stop foreclosures with Chapter 13 bankruptcies and other options can help you stay in your home and get a hold of your debt situation.

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