With so many people struggling with debts and home foreclosures around the nation, many wonder what can be done to stop both the cycle and harassment debt brings as well as save their primary homes from being foreclosed upon. Homes are being foreclosed because homeowners are having more trouble making payments regularly due to job loss or simply having too many debts. When a mortgage note is late or missed too often, the creditor may consider the loan in default and start foreclosure proceedings. When this occurs, the full balance of the mortgage note is due immediately. The mortgage lender will also likely refuse to accept monthly payments from a homeowner.
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The Foreclosure Process
Once foreclosure on a house begins, a letter of foreclosure will be mailed and the homeowner will either have to pay the full balance or file bankruptcy so the foreclosure can be stopped. If a homeowner intends to use bankruptcy to stop foreclosure on a home, they will have to file their bankruptcy case prior to the date of the foreclosure sale. If you choose to file for Chapter 7 bankruptcy, all of your assets will be placed in the care of a bankruptcy trustee who will decide what can be liquidated and what debts remain will be discharged. Your family home/primary residence can not be liquidated. If you file Chapter 13 bankruptcy, you can continue to make your regular payments on the home while you also use the bankruptcy's repayment plan to catch up on your past due payments. Bringing your loans current will help save your home.
It is advisable that when facing foreclosure that you contact an attorney who is experienced in bankruptcy law to help guide you through your options. Once you realize you may be having difficulties paying your house note, you should contact your mortgage lender to see what your options are, if any. Bankruptcy should be used as a last resort. It is hard on your credit score and can take a long time to recover from financially. But bankruptcy will help you if you are suffering from extreme financial hardships and unable to continue paying per the terms and conditions of your original credit agreements. Filing bankruptcy should be a last resort to get out of debt. Unless you are in immediate danger of losing your home, you can try other debt management programs to get you back on track.
Consult with your lender about other options available for saving your home from foreclosure before looking at bankruptcy.
Some other options you have for preventing foreclosure are:
Refinancing Modify terms of the existing mortgage Renegotiated payment plan Give up the homeowners
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