If you are at a time in your life when you are overwhelmed with your financial responsibilities, get the support you need. When you own a home and you don't want to lose your home in a foreclosure sale, you have some choices. Sitting back and ignoring the problem until it's too late is never going to benefit you. A foreclosure attorney can talk to you about stalling your foreclosure through bankruptcy or preventing the foreclosure completely if you are trying to save your home. Even when you have too much debt to manage paying all of your bills, you can save your home when you have some income coming in.
Getting Rid of Unsecured Debt
Your unsecured debt can be removed if you file for bankruptcy. If you file a Chapter 7 bankruptcy, this removes your unsecured debt but also puts your home into a precarious position. When you file a Chapter 13 bankruptcy, you can restructure some of your debt, including your mortgage. Unsecured debt is things like credit cards that are out of control. Secured debt, such as back taxes or student loans, can't be wiped out by filing for bankruptcy.
Stalling a Foreclosure Sale
Sometimes you just need a little time to figure out what you are going to do next. If you are not trying to save your home but you need some extra time, a foreclosure proceeding is halted as soon as you file for bankruptcy. Eventually, your mortgage lender can move forward with the foreclosure sale, but this gives you at least a few months to try and plan your next move. Bankruptcy provides a stay on all collection activities, giving you time to breathe.
Lowering Your Monthly Payments
You might be able to get your mortgage loan modified when you are having a hard time paying each month. If you don't wait until you are months behind on your mortgage to apply for a modification, you have a better chance of having the modification go through. Your lender doesn't want to foreclose on your property, and they may work with you on building a better mortgage that you can pay for every month.
If you are overwhelmed with bills, your house is about to be foreclosed on, and you aren't sure what to do next, a foreclosure defense attorney can help. You will be able to talk over your options and create a plan that works best for you.
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