HOME IN FORECLOSURE?

04 Feb HOME IN FORECLOSURE?

Weigh Your Foreclosure Options

Remember to weigh all your options. A foreclosure does not have to mean that you will lose your house and in many instances it does not mean you have to leave your house right now. There are numerous options, including bankruptcy may keep you in your house and allow you to avoid foreclosure.

Bankruptcy Can Stop Foreclosure

Most bankruptcy attorneys offer free consultations and are happy to discuss how bankruptcy may be able to stop or postpone your foreclosure. Bankruptcy may allow you to keep the same lender, preserve the equity in your house, and help you become current on past due mortgage payments. Both Chapter 7 and Chapter 13 Bankruptcy may be able to help in a foreclosure situation. But what are your other options besides bankruptcy?

Non-Bankruptcy Options to Stop Foreclosure

It is important to know all of your options and pursue multiple avenues to save your home when you are facing a foreclosure. Bankruptcy is not your only option. Explore all of your options and pick the best one for your situation. Other options include contacting your lender to discuss modification or forbearance on your loan, contacting agencies that assist people who are facing foreclosure, refinancing your home, selling your home, curing the arrearages, or redeeming the property after foreclosure. There are other options too! Just be careful of scam artists and be wary of entering an agreement to rent or lease your own home from a real estate investor.

Determine Your Bankruptcy and Foreclosure Options Early

Start early! You lose potential options over time. In addition, you may have greater or fewer options than listed above depending upon state foreclosure laws and federal lending laws. Contact an attorney specializing in bankruptcy, such as those listed in the directory for this site if you are interested in learning more about bankruptcy as an option to stop your foreclosure.

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