Foreclosure Auctions Can Be Stopped: Know Your Options
Receiving a Foreclosure Notice can be terrifying, but there are options available to keep your home. A bankruptcy case will stop the foreclosure sale, and then give you time to exercise your legal options. How you proceed will depend on your income and other factors. Depending on your goals and your finances, you can:
- Pay back your arrears over up to five years and bring your mortgage current.
- Give yourself time to apply for a loan modification with the mortgage company. Although modifications are not guaranteed, a bankruptcy will stop the foreclosure to give you enough time for the lender to review the application. If approved, the modification will let you keep the house and bring your loan back into good standing.
- Preserve the equity you have in your home and use the bankruptcy to give yourself more time to sell the house.
- Discharge other debt and improve your budget to better afford your mortgage payments.
A bankruptcy filing will not be a quick cure, but it will give you time and breathing room to explore your options. Every situation is different, and it’s important to speak to a lawyer right away if you fall behind on mortgage payments. Don’t wait until the last minute. Contact our office today to explore what would work best for you and your family.
Reach out to us today through ravosalawoffices.com.