With the current tough economic climate that we are all facing, many people are upside down on their mortgages. These same individuals wonder if and how they can possibly avoid foreclosure on their home. Another common question many people ask is: "Is it even possible to stop a foreclosure once the process has begun"? The answer to that question is yes. The easiest and most obvious way is to get caught up on the payments. However, due to various circumstances which have landed people in extreme financial difficulties that can be impossible.
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Another way is to file bankruptcy and use the power of the automatic stay to give you some much needed breathing room to decide how best to move ahead. This can offer the debtor some bargaining power to possibly get a loan modification and save their home. By filing Chapter 13 bankruptcy the debtor will have the ability to set up a repayment plan that will allow them to get caught up on any back payments and discharge any unsecured debts left over at the end of the repayment schedule. The debtor could also choose to file Chapter 7 bankruptcy which will discharge all unsecured debts such as credit cards, medical bills, and payday loans.
In many instances without the burden of these extra bills, this will free up enough money each month to now enable the debtor to comfortably pay their mortgage and keep their home. Whatever the debtor decides to do, they must act quickly to prevent the lender from taking the home back. This is where the expertise of an experienced bankruptcy attorney is invaluable in evaluating the debtor's financial situation and advising them on the best course of action.
Obviously the best way to avoid foreclosure is to never miss a mortgage payment. As a matter of fact, of all of the bills an individual has, this one should be the priority and get paid at all costs. If an individual has an emergency situation arise forcing them to miss a payment or two, they should contact the lender and inform them of the situation to prevent any problems. Once you start missing payments and get behind you will quickly dig a hole for yourself that gets deeper and deeper. Many times people in this situation are also behind on their credit cards and other debts. In this case it is always best to be proactive and file bankruptcy to protect your assets.
To be financially secure an individual should ideally have about 3 months of living expenses in savings in case of an emergency such as a serious illness or job loss. Even responsible people can end up in foreclosure and bankruptcy due to health issues or job loss. Individuals in this situation usually don't see this coming and it is very difficult for them to deal with. The last thing they should do, however, is bury their head in the sand. By addressing the problem head on and taking action, many times the individual can avoid future financial disaster. Bankruptcy was created just for people like this to offer them a fresh start.
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