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Knowing your rights during a foreclosure

On Behalf of | Jan 12, 2022 | Foreclosure, Repossession

When you receive a foreclosure notice for your Mississippi property, you may feel hopeless. Just remember, you have rights.

Unlike what the notice may imply, you have the right to explore other options. However, you must take immediate action to see if you can secure another solution before time runs out.

The right to negotiate

You have the right to speak with your lender to try and reach an alternative agreement. Explain your situation and provide a persuasive reason for your inability to make timely mortgage payments. Perhaps you had an unexpected medical emergency. Maybe you lost your job. Divorce, disability and economic turmoil can also disrupt your finances.

Collaborating with your lender to negotiate an alternative to foreclosure may at least buy you some time. However, if you do successfully change their minds, it becomes even more critical that you observe the agreement and make your mortgage payments on time.

The right seek help

You also have the right to seek help. This assistance may come from family or friends who may fundraise money to help pay your mortgage. However, has issued warnings about foreclosure scams. If you receive inquiries about helping you make payments or helping you keep your home for a small fee, think twice. Scammers often use foreclosure as a way to steal your money.

If a government-sponsored program backs your home loan, you may have the option of petitioning for federal assistance. You will need to thoroughly explain your situation and provide the required information in order to attain eligibility for consideration. If you need help dealing with the repercussions of foreclosure, an attorney may have the resources to guide you through a process you may not be familiar with.