Stopping Foreclosure On A Home.
If your home is being foreclosed, there are often ways that you can stop this process, get help, and stay in your home. While not all options are available to all borrowers, it is important to review and consult with a professional about your options. Bankruptcy can be an effective tool in stopping foreclosure on a home, because it forces lenders to the table and does not leave you at their mercy! If you have not yet been foreclosed (i.e. the foreclosure sale has not happened, then it is likely not too late for your home to be saved from the foreclosure process.)
Some Attorneys Offer Payment Plans in Bankruptcy
At many law offices attorneys will offer dedicated service to provide families and individuals a new lease on life. In this case, it’s maybe better stated that chapter 13 bankruptcy can allow you a new “mortgage on life.” With a fresh start in bankruptcy, you could receive powerful defense against foreclosure. Attorneys will generally counsel their clients through legal advice that is tailored to your unique situation. If you are learning your options online through research on your own, you’ll do well to receive a consultation from a local attorney in order to get the real information relative to your specific situation as it relates to local state laws as they interact with federal bankruptcy law.
You should talk with a foreclosure defense lawyer long enough to thoroughly understand the legal process stopping foreclosure through bankruptcy. Most attorneys provide free consultations to potential bankruptcy clients. Consult with a bankruptcy lawyer to consider your unique circumstances and your best options moving forward.
Here are some things to keep in mind when sifting your options.
- If you are offered a mortgage modification by your bank, make sure you’re protected before you stop paying the mortgage. Some borrowers will discontinue payments when they could have stayed up to date, thus incurring many late fees. Furthermore, the longer you do not pay your mortgage, the more precarious your situation becomes, so if you are in a position to keep paying your mortgage, it is always better to pay to keep it up to date rather than to try to catch it up later.
- If you are in a position where you have been offered a modification, consider whether the modification is a trial modification or whether it is a true modification. Some modifications are trial-based, and do not necessarily provide you the ability to reduce principal payments on your mortgage. You could still end up in foreclosure from some of these modifications.
- Always consult with a licensed attorney who is experienced in foreclosure prevention if you want the most current, up-to-date, and solid legal advice for your situation.