For many people, the threat of foreclosure looms just around the corner; for others, it has already been an unpleasant life experience. While dealing the mortgage debt can be tricky, it certainly isn't impossible to find help. The key is knowing your options for finding help against foreclosure and acting in time to save your home.
The Time Crunch
Did you know that your state may have foreclosure laws that could leave you evicted in 30 days or less? There are two types of foreclosure states, judicial and non-judicial. A judicial foreclosure state requires that your lender file a suit against you in court and take steps to prove good faith efforts to collect before being granted permission to enter your house into foreclosure. A non-judicial state does not require the permission of the court before your home can enter the foreclosure process, often resulting in quick action by the lender. It is important you know the foreclosure laws of your state so that you can make a better informed decision as to which option to purse for help.
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Your Options
If you have yet to receive a foreclosure notification, or live in a judicial foreclosure state, you may have time to negotiate directly with your lender. Many lenders may be willing to offer you a mortgage modification or forbearance agreement to help you resolve your mortgage debt troubles without the need for foreclosure. On the other hand, if you are pressed for time or live in a non-judicial foreclosure state, negotiating directly with the lender may not be an option. Filing for bankruptcy is a quick way to halt an ongoing foreclosure, or prevent one from happening if you are dealing with mortgage debt troubles.
In bankruptcy, an automatic stay order is issued to terminate all active debt collection efforts; including foreclosure. Filing for bankruptcy allows you to have court guided assistance with resolving your debts without the threat of further debt collection consequences. Your mortgage debts can be resolved through debt repayment in Chapter 13, or may even be able to have some of your principal debt reduced in Chapter 7. Further, bankruptcy exemption laws in many states offer additional protection from losing your home if you were to file Chapter 7.
If you are considering bankruptcy, seeking help from a professional bankruptcy attorney can help you review your options and ensure you are making the best decision towards saving your home.
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