Debt Relief

Property & Assets

Bankruptcy FAQ

Avoid foreclosure and losing your home

On Behalf of | May 5, 2016 | Bankruptcy, Debt Relief

Anyone who has ever experienced the threat of foreclosure knows how overwhelming and stressful it is to have that possibility looming overhead, growing with every late or insufficient payment.

Here are the first steps you should take in addressing the problem to hopefully keep your home.

Be proactive – You may be able to get ahead of the problem by taking steps immediately. Also, the more you ignore the problem, the larger the balance grows and the less negotiating power you have with lenders. Face the problem head on.

Immediately contact your lenders – Realize that your lenders don’t want you to lose the home or foreclose either. Many have contingency plans and solutions ready to offer to help you avoid foreclosure.

Learn your options and your rights – A skilled housing counselor or bankruptcy attorney will be able to evaluate your situation and walk you through what your rights are and all options still available for keeping the house.

Before you use assets, seek advice from a bankruptcy lawyer – Many people spend down assets and accounts trying to save a house – and it ends up being for naught. While bankruptcy may seem like the worst-case-scenario, it is often the solution that people need. It allows you to keep many assets you would have lost trying to keep the house, it puts a stop on all foreclosure proceedings and it may help you create a plan for restructuring your debt into a more manageable payment plan.

You don’t necessarily have to lose your home, just because you are behind on payments. Contact McBride Law Firm for a free initial consultation to discuss your situation and the options available to you.