Find Out If Stopping Foreclosure Is Always Best

Foreclosing on a home is a major life decision. A home is more than the bricks and mortar, wood or plaster of the physical structure. A home is an anchor, a place of safety, security, memories and tradition. So it is no surprise that the decision can be wracked with emotion.

What's Best For Your Financial Future?

While there are many opportunities to save your home and while this may be the best option for you and your family, your personal situation as well as your family's financial status must be accurately assessed. The question, "Is stopping foreclosure always best?" needs to be asked and answered in earnest.

When considering whether to fight a foreclosure, you should ask yourself these questions:

  1. If you keep the house, can you afford to live in it?
  2. Can you get a mortgage modification?
  3. Is a private loan an option?
  4. Could you rent for a few years to build up savings for a new home?
  5. Is your house in a condition to immediately sell?
  6. Is divorce in your future?
  7. Is bankruptcy an option?

What To Consider

The financial and emotional fallout from a foreclosure can have major ramifications lasting years. Yet sometimes foreclosure may seem like the only real option. Before any decision is made, you may want to consider if it is financially wise and viable to stay in the home.

  • Add up the total cost of staying in the home.
  • Include your property taxes and homeowners insurance.
  • Also add home maintenance and the interest you pay on your mortgage.

These are bills you would not have to pay if you were to rent. This is money you could ostensibly save. Now compare what it would cost to rent with the price of your mortgage and the above.

The Truth About Foreclosure

Foreclosure sometimes offers a welcome escape from a seemingly enormous burden, but foreclosure is not without long-term consequences. If you are considering foreclosure, enlist the help of a qualified, reputable and experienced foreclosure attorney to go over all of your options and only then make a fully informed decision on how to proceed.

Maine's Mandatory Mediation Program

Maine has a mandatory meditation program that can work to modify your loan to bring it back to an active status. Depending on your situation, this may be the best route for you to stop foreclosure and save your home.

Get Help Today

Call the Biddeford, Maine, Law Office of S. James Levis Jr., PA, and speak with a lawyer who understands foreclosure. With over 45 years of legal and foreclosure experience, we can help. Call 866-860-2922 or contact us online. We serve York County, Cumberland County, Portland and clients throughout Maine.