Although North Dakota has one of the lowest foreclosure rates in the country, there are still a number of people who may lose their homes. No one is immune to financial problems and if you have fallen behind on your mortgage payments you will get a default notice, but you can take steps to prevent foreclosure.
There are a number of options available to defaulted homeowners that you may not beware of unless you seek the counsel of a foreclosure attorney.
One of the most desirable foreclosure prevention measures is a mortgage modification. This is when a bank agrees to lower a homeowner’s monthly mortgage payments to a more affordable amount. Although is the best option for both homeowners and the housing market in general, it can be difficult to get a bank to grant a modification, unless the indebted individual has a North Dakota foreclosure attorney negotiating with the banks on their behalf.
Short sales are another way to stop foreclosure; however this option doesn’t allow a person to stay in their homes. In a short sale, the loan holder agrees to take less than is owed on the homes, this a desirable option for investors who don’t live in the home.
A North Dakota foreclosure attorney can contest a bank’s decision to foreclose if they suspect fraud or inconsistencies in the bank documents.
You can stop foreclosure, but it requires you take pro-active steps and contact a legal professional immediately.