As a bankruptcy attorney, I am frequently asked what can be done to prevent and halt the process. Obviously, paying your mortgage is the wisest course of action. While this may appear straightforward at first glance, I frequently encounter individuals who are delinquent on their mortgage but current on their credit card payments. Keeping up with your credit card payments is commendable, but you must prioritize what you pay.
Your home is your most essential debt responsibility. This is where you reside, so if you are unable to pay all of your bills, the last payment you should make is your mortgage.
Additionally, there are additional payments that should not be neglected. Typically, your taxes and insurance payments are escrowed so that they are covered by your mortgage payments. However, if these payments are not escrowed, you must ensure that insurance and property taxes are paid. If you do not have insurance or if it lapses, your mortgage company will place a very costly policy on your property, for which you will be responsible to pay.
If you live in a community with a HOA, your Homeowner's Association Dues are one of the most overlooked expenses. Many individuals are unaware that failure to pay HOA dues could result in the HOA filing for foreclosure.
However, sometimes adverse circumstances, such as job loss, severe medical issues, or divorce, result in the inability to pay all of one's bills. But all is not lost if you contact a bankruptcy attorney immediately to register for bankruptcy and set up a repayment plan. Too frequently, individuals delay until about a week before the sale date to initiate the bankruptcy filing process. Occasionally, we are able to move swiftly, but it usually costs you more because I have to stop working on other cases to deal with the emergency. Therefore, it is in your best interest to contact my office as soon as you receive the notice so that we have ample time to collect all the required information to file and stop the foreclosure.
The secret is to not despair! Focus on the essential expenditures:
1) Initial mortgage installment
2) A second mortgage payment, if applicable.
3) Dues for Homeowners Associations
4) Taxes
5) Insurance
Ensure that these are your top priorities. Also, do not despair. When people receive a notice, they frequently fret, placing the mail aside or not even opening it. While receiving such a notice is undoubtedly disheartening, delaying action could cost you your home or make the process more expensive.""
" - https://www.affordablecebu.com/
