If you have received notice that your house is in foreclosure, or that it is about to go into foreclosure, you have to act fast. There are several avenues you can pursue, one of which is to ask your lender to modify your mortgage loan. If that does not work, you can see if there is another lender who will refinance for you, paying off your existing mortgage and making you a new loan. But for a lot of distressed homeowners, the best answer is to file for bankruptcy. This can be especially helpful if a foreclosure proceeding has already been initiated against you or if you are have been getting calls from your mortgage lender about past due payments.
When you file for bankruptcy, there are certain things your lenders are no longer allowed to do. One of those things is to start or maintain a foreclosure. Here are a few of the other benefits you will get when you seek the protection bankruptcy has to offer:
• If your paycheck or bank account is being garnished, the garnishment has to be released.
• If you are behind on your car payments, the lender cannot call to collect or take any action to repossess your car.
• Threatening phone calls and letters from collector and collection agencies have to stop.
Filing for bankruptcy can be a huge relief. You will no longer have to struggle to pay all of your bills every month, and when your case is over you should owe less than when your case was started. This is accomplished by either reducing what you owe, or wiping it out entirely. But do keep in mind that if you want to keep property, you will have to keep making payments. This is made more manageable when you no longer have to pay all of your bills though, and all of the sudden you can find yourself with money left over from each paycheck rather than making it stretch. If you are having trouble keeping up with all of your expenses, call our office to find out how bankruptcy can help you. We have helped other people file cases and get out debt, and can help you too!
For more information about bankruptcy, contact us at www.DsouzaLegalGroup.com.
