Four Things You Should Know If You Are Facing A Foreclosure

Posted on: 30 April 2019

If your home is going through a foreclosure or you suspect that you are about to be served notice of a foreclosure, you are likely thinking about what options you have. There are foreclosure attorneys that can offer help. However, there are a few things you should understand about what they can and can't do for you. The following are a few things that a lawyer can do for you.

They can stop the foreclosure process

It is important to understand that even though a foreclosure is stopped, this is not permanent. The mortgage that you have fallen behind on needs to be addressed. But an attorney can halt the process temporarily. This will give you time to decide what your best course of action is.

They can help you file for Chapter 13 bankruptcy

This type of bankruptcy will reorganize your debt and give you a chance at a fresh start with your mortgage. It is not likely that your monthly payments will change, but you may be able to take the back payments, interest, and fees that you owe and tack that onto the end of the mortgage. This type of strategy will only work if you can afford the monthly mortgage payments, but you have fallen behind and cannot catch up. With this option, you may be able to save your home.

Help you file for Chapter 7 bankruptcy

This type of bankruptcy will wash away most of your debt. It will not, however, eliminate your mortgage. It can, however, protect you from receiving a large bill from your mortgage lender after your home is sold. If the lender does not get a price higher than the balance of the mortgage, you can be on the hook for this money. In addition, a lender can charge you for various fees involved with the foreclosure. This is one of the best reasons that you should not walk away from a home that is in foreclosure. You need to qualify for bankruptcy, but this can be a important option to give you a fresh start.

They can assist with litigation

The first thing a lawyer will want to do is look at the details of your mortgage. This can be important because there are times when a lender isn't paying attention to the lending agreement and can make mistakes that an attorney can discover. This, in turn, can result in legal action against your lender.

Whatever you decide to do, you should never walk away from your home. Your first step in to consult with an attorney. Not every option is available to everyone, but a lawyer can look at your mortgage and your finances to help you determine what the best course of action is.


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