Facing foreclosure can be frightening. A single change in income can make it difficult to make a mortgage payment one month, and once you miss a payment, it can become increasingly difficult to catch up. The majority of lenders won’t foreclose on someone who simply misses a couple of payments and then catches up, and even if your mortgage woes go beyond this, you have options for relief.

A number of programs at the federal level have been enacted in the last decade to help homeowners deal with financial distress without losing their home. One of the programs is known as the Home Affordable Modification Program or HAMP. Homeowners who are qualified for this program can see a reduction in mortgage payments of as much as 40 percent.

Other programs help homeowners who own homes that are now worth a lot less than the mortgage owned on them, and still other programs assist those who have second or third mortgages on properties. The federal government isn’t the only one with programs to assist homeowners. Many lenders have in-house programs to assist with modifications if homeowners have the desire to continue paying for a home but can’t catch up or make payments as structured.

Understanding how various options can be leveraged to assist you in keeping your home can be difficult. The information available can be confusing and contradictory, and you might also be dealing with stressful calls from collectors or your lender. Our firm can help you understand your options, and we can also help you evaluate whether bankruptcy is the right option to deal with your debt situation while keeping your home.