Nearly a million of Americans file for bankruptcy each year. In our struggling economy, it is all too common for someone to fall behind on their payments and become overwhelmed with debts. One of the biggest fears of people who are financially unstable is that they will lose their home to foreclosure; however, there are ways to prevent this from happening.
What is Foreclosure?
Foreclosure occurs when a person is consistently delinquent or defaults on their mortgage payments. Unfortunately, foreclosure means that the lender, in most cases a bank, terminates a mortgager's equitable right of redemption. Typically, this means that the bank or lender repossesses the home, and sells it to a new buyer. This can occur in various ways, as there are various types of foreclosure, such as:
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o Judicial sale-The state oversees the sale of the repossessed home
o Power of sale-Mortgage holder must resell their own home, without court interference.
o Strict-Court mandates that the mortgagee pay what they owe by a certain date
When in the midst of a financial meltdown, a foreclosure notice can be devastating for you and your family.
How Can Bankruptcy Help?
If you are struggling to keep up with your mortgage payments, bills, or other expenses, and fear the foreclosure of your home, it may be wise to consider filing for bankruptcy. While this is an extremely important decision that should not be made without serious consideration, it does offer you and your family options for reorganizing your debts. Filing for Chapter 13 bankruptcy can allow you to renegotiate payment plans with creditors, lower interest rates, and defer payments until you become more financial secure. By filing for Chapter 13 bankruptcy, you may be able to:
o Prevent foreclosure on a homes or property
o Make up delinquent payments over time
o Propose a payment schedule to repay the debt
o Reorganize your debts including other loans and lines of credit
o Pay unsecured debts without accruing interest
When it comes down to losing your home to lenders or filing for bankruptcy, the latter may be the lesser of two evils. In order to be sure that you are making the best decision for you and your family, however, you may want to consult an experienced bankruptcy attorney who can provide you with valuable advice about how to recover from your financial crisis.
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