Having your home taken away from you is a devastating experience. This is true whether your home is destroyed by fire or another natural disaster, or you lose it to foreclosure sale because the payments have become too high. Unfortunately in today’s world many mortgage loans are spiraling out of control and the amount owed on most homes is currently more than the value. This puts many homeowners in the impossible situation of being forced to pay more than what their home is worth, or face being put out on the street. If you are having a hard time making your monthly house payment you might be concerned that the lender is going to start a foreclosure soon. This can cause you undue stress and anxiety and even put a strain on your relationships or make it difficult to concentrate while at work. But there are things you can do to ease the burden, and we can help.
The top two ways to avoid a foreclosure are:
- A loan modification or refinance, which rewrites the terms of your loan with the most significant change being a lower interest rate. When your interest rate decreases, so does your payment. The lower your payment, the more breathing room you have in your monthly budget.
- Filing for bankruptcy will also save your home from foreclosure. This is true regardless of whether you qualify for a Chapter 7 or a Chapter 13 case.
The difference between a Chapter 7 and a Chapter 13 bankruptcy is that in a Chapter 7 you also get to wipe out your unsecured debt. But in a Chapter 13, you will have to pay back at least a portion of what you owe to your unsecured creditors. The test to determine which type of bankruptcy you are allowed to file is complex and requires a complicated mathematical analysis. Our staff is skilled at performing this analysis and explaining the process to you so you are comfortable with how bankruptcy works and how it will benefit you. To avoid a foreclosure, call us today. We will take immediate action on your behalf and keep you updated along the way.
For more information about foreclosure defense contact us at www.DsouzaLegalGroup.com. We will help by coming up with solutions that work for you.