Anyone who has lost their home can tell you that it was a terrible experience. They will also tell you to seek the advice of a foreclosure attorney as soon as you see the red flags. Your lender will be sure you are aware of what is going on, so do not ignore the letters they send. This problem will not go away.
The process of losing your home is just that, a process, it is not just something that happens one day. There are a few things you must realize. The first is that laws vary by state. Your protections and the process will also vary by state. The sooner you act, the more likely you are to save your home. By the same token, if your home payment has just gone out of reach and you do not predict a true ability to stay current on it, you may want to consider working with your lender to short sale your home.
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Most families look at the lender as some evil taking away their home. You want to remember that your lender does not want you to default. You care the most about your home, and you are the most likely to pay them the full amount they have invested in it. If they auction your home they will not get back what you borrowed. If you were to explain that you would like to walk away, your lender may work with you to sell the property.
Losing your home can also have some serious tax consequences. You may want to consider this and all of your options before you allow this process to continue. Your foreclosure attorney can tell you about the consequences for your individual state. They may also tell you about bankruptcy. Chapter Seven is known as the fresh start. You will likely not keep your home, but you may be able to keep a car that has already been paid for. Chapter Thirteen will restructure your debt and offer you a chance to keep your home.
In some states, if you choose to file bankruptcy, you cannot sell off your assets just before the proceedings. For instance, if you have a lot of diamond jewelry, you may have to sell it to pay your creditors. If you have a four wheeler that you sold to Uncle John three days before your proceedings they may still take it from Uncle John. As always, laws vary by state, but you will want to be sure you discuss this with your lawyer. Your foreclosure attorney may even tell you that you cannot favor one creditor over another. In other words, you cannot stop paying your home, but pay double on your truck. Your truck lender may even be forced to pay back any overpayments. As you can see, it can be helpful to have legal representation on your side.
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