Realizing that you are in over your head with finances is something no one wants to face. Especially when it is so bad that you are looking at losing your home. It could happen to anyone. If you have considered all of your options for repayment of a home loan, it is best to seek the legal counsel of a foreclosure attorney. They will help you do everything possible to keep your home.
Most families love their home. Traditions have been formed within those walls, and treasured moments shared with friends and family members have taken place there. You need to consider rational thought when going to court for these foreclosure matters, and these memories are not helping you. Seeking legal counsel can help you take a long hard look at your budget. They will know the process, and they will be able to help you file the proper papers. They can also help you devise a realistic budget to present for a loan modification application. The objective viewpoint of the lawyer will keep your case moving in a professional direction.
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The first step will be the loan modification request. You will ask the lender to reconsider and work out a payment arrangement with you. They will review the budget you present and determine if they think it is feasible. If they refuse, you will want to ask them to review it again. A legal representative will be helpful in making sure that you include all documentation necessary. The next step would be considering bankruptcy. There are two types. We will focus on chapter thirteen as that option can potentially save your home.
While filing chapter thirteen, you are requesting protection from creditors. Those creditors could include your mortgage company, credit card companies, or your automobile loan provider. Student loans are always exempt and must be repaid. Your foreclosure attorney could walk you through the legal process and represent you. This process can be very emotional and a real wake-up call. In some cases, individuals and families have gotten to this point just because of poor financial decisions.
If a family goes through this bankruptcy process, they will agree to pay back past due amounts and stay current with all repayment plans. In return, a family can keep their home and perhaps a vehicle. Other property such as home furnishings and clothes are exempt from foreclosure. Your foreclosure attorney must prove to a judge that you can indeed stay current and follow the budget presented. In the end, it is usually best if a family has legal representation to guide them through the legal process.
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