When you receive the notice that your home in Maryland is undergoing foreclosure, you might feel like it’s a hopeless cause. However, if you act quickly and take the right steps, you might be able to save your house and avoid filing for bankruptcy. Here’s what you should do if you’re facing foreclosure on your home.

What should you do when you’re dealing with foreclosure?

Before you do anything else, it’s important to look into your state’s foreclosure laws. Some states have a grace period where you can try to get your house payments back on track. Read the notices that you’ve received and determine how much time you have to save your house. In some cases, you might have weeks to come up with a plan. An attorney may assist you if you don’t know where to start.

Once you know what you’re dealing with, talk to a foreclosure avoidance counselor so that you can figure out where to go from here. You should also get in touch with your lender and let them know that you’re working on a solution. You might be able to get a modification on your home loan payments that reduces the amount you have to pay each month. This could involve a lower interest rate, a temporary payment suspension or a longer lifespan for the loan.

Like bankruptcy, a foreclosure can have a massive impact on your credit score. If you’ve exhausted all your options and there’s no way to avoid foreclosure, you can return your house to the bank to avoid the damage to your credit score. From there, you may be able to start saving up to buy another house in the future.

How might an attorney help you avoid foreclosure?

An attorney may help you through every step of the way. They might educate you about foreclosure laws, figure out ways to avoid foreclosure, help you negotiate with your lender and assist you in organizing your finances. If a foreclosure is unavoidable, your attorney may be able to help you escape the situation with minimal damage to your credit score.