Thomas F. Miles, Attorney and Counselor at Law
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Ways to address the foreclosure process

Going through the process of locating a buying a home can be a lengthy and overwhelming process; however, it is has the end result of providing a homebuyer with the house of their dreams. Sadly, some homeowners in San Diego and other cities across the nation experience financial hardships. These hardships can make it difficult to make timely mortgage payments. When this occurs, individuals and families could face the unfortunate fate of losing their home to the foreclosure process.

When the foreclosure process is impending or already initiated, homeowners feel helpless. They are at their lowest low and believe that they have to accept their ill-fate. However, this does not have to occur. Homeowners can regain control and even prevent the foreclosure process from continuing.

It should be noted that it is possible to negotiate a lower rate with your bank in order to help a lender regain control of their finances. If a homeowner is able to manage their payments after modification, this could prevent the foreclosure process. A short sale is another option, but this requires a homeowner to sell their house for less than they owe on it. If a lender gets permission to do so, this could help him or her with their financial problems. However, this does not help them keep their home.

Filing for bankruptcy could put a halt on the foreclosure process. While this does not prevent foreclosure, it does delay it by placing a stay of the process. Depending on the type of foreclosure filed for, a homeowner could end up keeping their home at the end of the bankruptcy process.

Dealing with the foreclosure of a home is a devastating event to confront and address; however, it is one that could be resolved if a homeowner takes appropriate steps. Thus, it is imperative that you are aware of your rights and options so you can take timely action against the foreclosure of your home.

Source:, "Prevent and Manage Foreclosure FAQs," accessed Aug. 20, 2017

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Thomas F. Miles, Attorney and Counselor at Law
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