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How Can I Help To Prevent A Repeat Foreclosure On My Home?

foreclosure processGetting through the foreclosure process can feel like a battle, especially when you’re working with your real estate attorney to get yourself out of foreclosure. However, once you’ve made your way out of the foreclosure process, it can be even more difficult keeping yourself from being swept back into it.

Some homeowners are able to avoid foreclosure by reinstating their mortgage. This can be done by making a permanent loan modification. However, even with a loan modification, some homeowners may fall back into the trap of being unable to make mortgage payments, therefore sending them right back into foreclosure.

How you can avoid a repeat foreclosure
Called “repeat foreclosure” under real estate law, this problem has been an increasing blot on the eye of the housing market since the beginning of the housing crisis. In 2013 alone, there was a foreclosure in one out of every 96 American homes.

Falling into foreclosure once is enough for any homeowner to never want to do it again. Fortunately, there are ways you can reduce your risk of falling back into foreclosure.

    1. Don’t continue to live in a home you can’t afford
      One of the main causes of foreclosure is that a family has purchased a home that isn’t in their budget. By staying in a costly home that has already driven you to foreclosure once, it may be in your best interest to find a home that suits your current financial needs. Consider a short sale, which will keep you involved in the process of your home’s sale and will give you some control.

 

  1. Save money during the time your mortgage payments are halted
    In order to avoid a wave of mortgage payments later, you may have difficulty affording, put aside the money you would be paying into your savings account or elsewhere. This will keep you from having to dig deep into your pockets to find the money later once the payments begin again. It also provides you with a safety net should something go wrong with your finances later on.

The foreclosure process is never something to look forward to even with the help of a real estate lawyer. This is especially true for those homeowners who have already been through it once. Consider following these tips in order to keep yourself from falling into a repeat foreclosure. For assistance and more information regarding your repeat foreclosure and what you can do, contact the law offices of DiJulio Law Group today.

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