Saving Your Home After Job Loss

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Most people who have lost their jobs immediately become afraid of lose their homes – and for good reason. After all, the stress of going foreclosure and being evicted from your home is an experience no one wants to have to endure. Plus, most homeowners view mortgage lenders as being unsympathetic to the plights of borrowers – they think that lenders prefer repossession over working with borrowers.

If you’ve lost your job, it’s important to remember is that your lender will avoid repossessing your home if at all possible. Mortgage companies lose millions of dollars every year on foreclosures, because they can’t get enough money from resale to cover the foreclosed mortgage notes. Also, mortgage companies incur thousands of dollars in expenses with each foreclosure. So it’s in your lender’s best interest to help you find a way to stay in your house.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Jay Fleischman, Shaev & Fleischman LLP | Attorney Advertising

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