Foreclosure and threats of foreclosure are increasing in the United States. Individuals and families that worked hard their whole lives are finding it impossible to keep up with mortgage payments and stay on stop of monthly bills. Sadly, many of these families think they are trapped and have no option but to give up their home. However, by talking to a legal professional who is well-experienced in bankruptcy and foreclosure, they could discover how to fight foreclosure and get their lives back on track.
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There five mains legal strategies that a bankruptcy attorney could employ to fight foreclosure: loan audit, loan modification, short sale, deed in lieu, bankruptcy, and foreclosure loans. Loan audits are a review of all your mortgage information in order to ascertain whether any illegal activity was involved in your loan. Some creditors will use illegal predatory lending practices in order to trap consumers. Predatory lending is a term used to describe any unfair act on the part of the lender, including: fraud, excessive fees, or purposefully giving a loan far above the means of the debtor.
Through loan modification, a bankruptcy attorney can negotiate your loan with the loan provider. They could lower your monthly repayments to an amount that is workable for your budget. Sometimes they can even lower your interests and overall amount owed. Short sale is possible when the amount owed on a property is greater than the amount it is worth. You can decide to sell your house at the current market price and a legal professional can negotiate with your bank to agree on accepting a lower amount.
Deed in lieu of sale is a legal process that allows borrows to return the deed of their home to the lender. This is a better option than foreclosure, as foreclosure negatively affects your credit score and future loan ability. Chapter 7 or Chapter 13 bankruptcy is sometimes an option, depending on your situation. This can also be a better option than foreclosure as it may allow you to rid yourself of other forms of debt while being able to keep your home. Foreclosure loans are a way to refinance your mortgage to better suit your financial situation and the current economic climate.
Going through a foreclosure is a traumatic experience for everyone involved. To discover what options are available to you, talk to a qualified bankruptcy attorney as soon as possible. They can review your situation and determine which option is best for you and your family.
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