You may not be sure exactly what foreclosure means. If you have received a letter from the bank warning you of the possibility it will foreclose on your mortgage, you have to take fast action to avoid losing your home. Do not ignore the letter — contact the lender, or have your lawyer do it on your behalf and explain your situation. If you wait too long, there is nothing that can be done to stop the process. Stay in your home for now. Do not abandon your property.
It is important to realize that the bank does not want to own your house. It may be willing to negotiate with you to avoid foreclosure. Attorney Richard Franzblau has experience in real estate mortgages and finance. He will explain your options. Possible strategies include: