You’ve finally come to terms with the fact that you cannot afford to may your monthly mortgage payments anymore and you’re facing imminent foreclosure. You may be stressed and scared, filing for foreclosure doesn’t have to be a painful process.
As New Bedford MA foreclosure attorneys, the Law Office of Bardsley and Gray has helped dozens of homeowners through the process. Here are a few benefits to help assure you that foreclosure isn’t as bad as you may think.
- Learning from mistakes. Many people may view the foreclosure process as a stroke of bad luck, but it’s time to make lemonade out of lemons. It’s important to view the process as a valuable lesson that you can learn from. You will come out of foreclosure knowing exactly how you got into this financial rut in the first place and how to avoid it in the future.
- Improved money management skills. Many homeowners will often enlist the help of a financial guide after they’ve gone through the foreclosure process. These guides will help you make wiser investments and can give you professional advice on how to save and spend money. You may even have the knowledge to give friends and family financial advice!
- Lower mortgage rates. Foreclosure can help ease the burden of making monthly payments to the bank, but for lenders, foreclosure is a hassle — and not something they wish to spend time on. Lenders may end up lowering your mortgage to a more affordable payment by lengthening the loan over a longer period of time.
- Buys time to save money. If a homeowner is facing foreclosure, then the individual may have time during the foreclosure process to start putting money away. Most individuals will sell off possessions, stocks, or their homes in order to pay back lenders. This can also generate extra cash for when the process ends.
- Creating a blank slate. Foreclosure is a chance to start new and become more stress free. It’s time to find a home that you can both afford and be happy to live in. Understand that you may not be able to purchase property for a period of time, but with the help of an experienced foreclosure attorney they can ensure that you will have the means to afford a place to live.
Foreclosure happens everywhere, including in New Bedford. Contact our professional law office today for expert advice and counsel from James Bardsley and Lisa Gray. We will guide you through the process from start to finish!