1. Understand What the Notice Means

A Notice of Intent to Foreclose is sent by your lender when you’ve missed several mortgage or maintenance fee payments. It’s a warning that they want to start the foreclosure process, but it also gives you time to fix the situation before they take action.

2. Don’t Ignore the Notice

If you get this notice, don’t ignore it. It’s important to act fast. The longer you wait, the fewer options you’ll have. Contact a foreclosure defense lawyer right away to help you understand what to do next.

3. Explore Foreclosure Defense Options

There are a few ways to fight foreclosure and buy more time. Some options include:

• Loan Modification: This means changing the terms of your loan, like lowering your monthly payments or extending the loan term. But this may also increase your interest rate, so it’s important to understand the terms.
• Refinancing: If you qualify for a new loan, refinancing may help you pay off the old mortgage and avoid foreclosure.
• Chapter 13 Bankruptcy: This option lets you set up a repayment plan for your debts, including back mortgage payments. It’s good for people who have irregular income.
• Forbearance: This temporarily stops or reduces your mortgage payments. It can give you time to get back on your feet but can leave you with a big bill later.
• Other Options: If none of the other options work, you might be able to negotiate a Short Sale, “cash for keys”, “Deed in Lieu”, or other options to make the best of the situation.

4. Consider Mediation

Mediation is a way to sit down with your lender and a neutral third party to try to reach a solution. It doesn’t always work, but it can give you more time or better terms to keep your home.

5. Assess Your Legal Options

Every state has different foreclosure laws. For example, in Hawaii, foreclosure can take several years because it goes through the courts. This gives homeowners more time to find a solution or at least save some money for your next move. Your lawyer can help you figure out your best legal options. Learn more about legal options for foreclosure defense.

6. Prepare for the Costs of Foreclosure Defense

Fighting foreclosure can be expensive. Legal fees can add up to thousands of dollars. But if it helps you keep your home or reach a better deal, it may be worth the cost.

7. Know Your Rights

You have rights during foreclosure. For example, the lender must send you a notice before they can start foreclosure. If they don’t follow the rules, you may be able to fight back. Find out more about your rights during foreclosure.

8. Work With a Foreclosure Defense Lawyer

A lawyer who specializes in foreclosure defense can help you with all of your options. They can help you negotiate with your lender or condo association, file legal papers, or represent you in court.

9. Think About Your Long-Term Options

It’s important to think about your future. If you can’t stay in your home, a foreclosure defense lawyer can help you explore other options like selling the house, doing a short sale, or transferring ownership to the lender. You may not be able to get your preferred solution, but an experienced attorney can help you identify the best solution available.