The Time Pressure
Did you know that your state's foreclosure laws could result in your eviction within 30 days? There are two categories of states regarding foreclosure: judicial and non-judicial. A judicial foreclosure state mandates that your lender file a lawsuit against you in court and take steps to demonstrate good faith collection efforts before being granted permission to foreclose on your home. A non-judicial state does not require the court's permission before your property can enter the foreclosure process, resulting in the lender frequently taking swift action. It is essential that you are familiar with your state's foreclosure laws in order to make an informed decision regarding which option to pursue for assistance.
Your Options
If you have not yet received a notice of foreclosure or reside in a state with judicial foreclosure, you may have the opportunity to negotiate directly with your lender. Numerous lenders may be willing to provide you with a mortgage modification or forbearance agreement to assist you in resolving your mortgage debt issues without the need for foreclosure. Conversely, if you are pressed for time or reside in a non-judicial foreclosure state, direct negotiations with the lender may not be possible. Filing for bankruptcy is a quick method to stop or prevent a foreclosure if you have mortgage debt problems.
In bankruptcy, a stay order is automatically issued to halt all ongoing debt collection efforts, including foreclosure. Filing for bankruptcy enables you to receive court-supervised assistance in resolving your debts without the prospect of additional debt collection actions. Your mortgage debts may be discharged through Chapter 13 debt repayment, or you may be able to have a portion of your principal debt reduced through Chapter 7. In addition, exemption laws in many states offer additional protection against losing your property if you file Chapter 7 bankruptcy.
If you are contemplating bankruptcy, a professional bankruptcy attorney can assist you in evaluating your options and ensuring you make the best decision to save your home.
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