It’s no secret that the process of foreclosure can be an extremely difficult and frightening experience.
Not only does it take a toll on your credit rating, but in some cases, it also forces you to give up your home or other property.
And if you don’t have any equity in your property, then you may not receive anything in return for all of the time and effort that went into making payments over the years.
But there is hope!
If you are facing foreclosure and want to avoid it, there are options available for stopping the process right now! Here are three ways to do so.
If you have been struggling with making payments for three or more months, contact your mortgage lender and see if there are any options available. You may be able to get your interest rate reduced or make smaller monthly payments.
They will often renegotiate your loan with more favorable terms if they believe foreclosure is inevitable. They may be willing to cut your interest, extend the terms of your loan, and even reduce your monthly payments.
In addition to reworking the terms of your mortgage contract, they may also offer you cash-out refinancing. This means they pay off the remainder of the mortgage and keep the property. Keep in mind that in some rare cases, even if you don’t have any equity in your home, your lender might still choose to pay off the mortgage and keep the property.
You should also contact the company that is going to buy your home at auction if there is one. If they have can purchase your home for a lower price, they may be willing to work with you.
They may buy your home at auction for less than market value if you can stop foreclosure proceedings before the auction takes place. This is an especially good option if there is no equity in your property or little hope of developing any going forward.
If you want to get serious about stopping the foreclosure process, then it is highly recommended that you speak with an experienced foreclosure defense attorney.
They will be able to advise you of your legal rights, aggressively defend those rights in court, and even take action if necessary, such as in cases of wrongful foreclosure.
You should seriously consider hiring an attorney if there is equity in your property or there is a possibility of developing equity in the future.
They will stop the foreclosure process immediately and even have the potential to get you some of your money back. You should also speak with an attorney if your current lender is unwilling to renegotiate your mortgage contract or sell your home at auction for less than what you owe on it.
Remember, you stand a much better chance of saving your home if you act now before the foreclosure process progresses too far down the line.
An experienced and determined law firm like Blue Bee Bankruptcy will discuss your rights and aggressively defend you against foreclosure.
This may be an option your foreclosure defense attorney discusses with you if things do not appear in your favor.
If all else fails, filing for Chapter 13 or Chapter 7 bankruptcy may allow you to stop foreclosure altogether while relieving you of tens of thousands of dollars worth of debt.
If you are facing foreclosure, it is important to understand that you still have rights. And with the right help, it is possible to save your home or other property in foreclosure.
Chapter 13 bankruptcy can stop foreclosures if you are behind on payments and have no equity in the home.
Chapter 7 bankruptcy allows people with all types of debt (including mortgages) to discharge their unsecured debts. Get a fresh start.
At Blue Bee, we not only help you through the entire bankruptcy process. We will also help you rebuild your credit with our proven credit rebuilding services.
We give you the knowledge, tools, and motivation to rebuild your credit and renew your financial outlook. Our credit building program is tailored for post-Chapter 7 bankruptcy debtors and current Chapter 13 debtors.
It focuses on topics like replacing old credit with better credit reporting, avoiding credit-fixing scams, updating credit score information with the bureaus, building great credit using low credit lines, and fixing errors on reports.
If you would like more information about how bankruptcy can help you avoid foreclosure, please contact our office at 801-285-0980. We will be happy to discuss your situation and offer suggestions for moving forward.
Find out why we are the best bankruptcy law firm in Salt Lake City.
If you are worried about your credit when filing for bankruptcy, contact the law offices of Blue Bee Bankruptcy, located in Salt Lake City, Utah.
Our experienced bankruptcy attorneys will help you to file for bankruptcy so you can find a way out of debt.
Our services don’t end there. Unlike other bankruptcy attorneys, we will not only help you throughout your bankruptcy process but we will assist with rebuilding your credit score after filing.
Visit our Credit Rebuilding page for more details.