Know your rights and options if you are facing foreclosure
Millions of Americans are struggling financially. People are dealing with unemployment or working in jobs that do not pay enough to cover living expenses; people also owe huge amounts of money in medical bills and student loans. Those who are in this situation often find themselves buried under unmanageable debt.
One of the most serious and immediate concerns these people can have is the possibility of losing their home. When a homeowner cannot keep up with mortgage payments, foreclosure proceedings may be initiated so that the lien holder can sell the property and use the money made from the sale to pay off the mortgage. However, there are ways to stop the foreclosure process.
If you have missed mortgage payments, there are a couple initial steps that you might be able to take in order to prevent a situation from getting worse. In some cases, you may be able to negotiate a more manageable payment plan with a lender. It may also be possible to pursue a temporary reduction in payments.
However, many people explore the possibility of filing for bankruptcy protection to prevent or stop foreclosure. Filing for bankruptcy will immediately stop the foreclosure process and put an automatic stay into effect.
The type of bankruptcy that pursued depends heavily on your individual financial situation and goals. Do you want to repay your debts, or would you rather make a fresh start altogether? Is your debt significantly made up of dischargeable debts like credit card debt or medical bills, or are student loans and child support payments the main concerns?
Depending on the answers to these and other questions, it can be possible to identify a debt relief solution that helps you get your finances under control. Once debt has been addressed, it can be easier to get back on track with mortgage payments and avoid foreclosure.
We understand that the threat of losing your home can be intensely frightening. However, you should remember that you can speak with the attorneys at our firm to discuss your options to stop the foreclosure process and seek relief from debt.