If you're facing foreclosure, you might feel hopeless or at a loss about what to do. However, foreclosure doesn't have to be disheartening. You actually have several options available to you if foreclosure has become a serious threat. Simply by researching this issue, you're miles ahead of other people. Many people, when threatened with foreclosure, feel as if they have no options available to them. However, you're about to find out that this is completely untrue.
In this article, we'll go over a few options and alternatives you might want to consider in order to prevent (or, at the least, delay) foreclosure on your home. However, this list of options is not the final word on the subject by any means. If none of these solutions sound feasible for you, please don't hesitate to contact us to see what we can do to keep you in your home!
Foreclosure Options Outside of Bankruptcy:
The first, and most obvious, suggestion for preventing foreclosure is to look into refinancing. Refinancing your home can be a great way to get a better interest rate on your monthly payment. However, refinancing can be expensive, which is one of the biggest downsides. This route works best for people who plan to stay in their home for at least two or three more years.
You should know up front that it will take about two or three years for you to break even on the cost of refinancing. The cost of attorney fees, closing fees, and home value estimations can add up. However, the longer you remain in your home, the more you'll benefit from refinancing!
You can also consider mortgage modification. With mortgage modification, you can alter the original terms of your mortgage. Demonstrating good faith and coming up with a plan can go a long way in getting you the ideal mortgage modification deal. Work with a financial professional to develop a strong proposal you can take to your bank or lender.
These are just a few of the options you have outside of bankruptcy for preventing foreclosure. Talking with a financial professional or foreclosure attorney will probably generate many more ideas for handling foreclosure.
Foreclosure Options via Bankruptcy
If, however, you simply don't have the money to pay your mortgage - even if it's refinanced or modified - you might want to think about dealing with your foreclosure situation through the options available to you in bankruptcy.
There are two primary forms of bankruptcy available to you: Chapter 7 and Chapter 13. Both forms of bankruptcy impose an automatic stay on collectors. Essentially, once you're under the protection of bankruptcy, creditors cannot collect from you - this includes foreclosure! While this is only a temporary fix, it might provide you with enough time to reorganize your financial situation, and to avoid foreclosure!
Bankruptcy has many benefits, but this is certainly one of the biggest advantages for anyone - especially homeowners who are desperate to hang on to their property!
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