When you buy a home, you probably imagine living comfortably and happily in it for many years to come. Unfortunately, however, it doesn’t always work out this way for everyone.
If you find yourself in a situation where you cannot make your mortgage payments and get behind on them, this can lead to problems with your bank, with your credit, and can ultimately lead to foreclosure, in which your home is taken from you.
The good news is that, more often than not, you can stop foreclosure with the right legal help and guidance, which would enable you to keep your home and, hopefully, get back on track.
To start off with, one option you may have is a simple loan modification.
Usually, as long as you have good credit, collateral, and are typically good about paying your mortgage but have just “hit a snag,” this option will be available to you.
With loan modification, you actually change the terms of your loan to make it more amenable to your current situation. Even if foreclosure proceedings have started, being approved for a loan modification could stop the foreclosure, though it’s always best, when possible, to undergo loan modification before things get to this point.
If loan modification is not an option for you, you may want to think about filing bankruptcy with the help of a skilled bankruptcy attorney.
If you file at the right time and in the right way, bankruptcy could halt a foreclosure. With that said, however, there are some long-term consequences of bankruptcy, such as poor credit and a harder time obtaining credit in the future.
When you have to make the choice, though, between losing your home and filing for bankruptcy, the latter option often wins out for obvious reasons. Plus, it is possible to recover from bankruptcy and to actually end up stronger financially than you were before.
If you think one of these options could work for you, or if you’d like to know about other possibilities for potentially stopping a foreclosure, don’t hesitate to reach out to a skilled attorney who is experienced with handling foreclosure cases.