We were served foreclorure sommuns,What do we do?

Asked on June 12, 2009 under Real Estate Law, Wisconsin

Answers:

J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

I am a lawyer in CT and practices in this area.  I suggest contacting the bank and finding out what if any can be done to avoid the foreclosure.  Usually, banks will try to modify the interest rate to lower the payment or stretch the payments out over time or work the unpaid balance into the back of the loan so it is paid off one day.  There are other options such as doing a short sale and finding a new place to live.  It all depends on whether you want to keep your house or not.  If you can afford to speak to a lawyer about your financial position and create discussion with the bank to make a deal on payments/modification, that is usually the best way to resolve/stop foreclosure.


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