Getting Legal Help Before Foreclosure
Unemployment, divorce, loss of income, death and abusive lending practices put many homeowners at risk of losing their home. If you are facing foreclosure, you may be tempted to give up and walk away from your home. Don’t give up! There may be an option available that allows you to keep your home or sell or transfer your home quickly before a foreclosure sale. Here are some guidelines
Get Legal Advice
Foreclosure is a harsh legal process that often moves very quickly. If you are threatened with foreclosure, obtain legal help immediately to protect your rights. This is especially important if you fear that you may have been taken advantage of by the lender or are the victim of a foreclosure related scam.
Beware of Foreclosure Rescue Scams.
Be suspicious of anyone who contacts you and claims to be able to save your home. Many of these operations are fraudulent. The person offering to save your home may actually be intending to take it from you.
File For Bankruptcy Protection
Consider filing a Chapter 13 bankruptcy, under which you can ask the court to approve a repayment plan that would allow you to pay back delinquent mortgage payments over time. The decision to file a bankruptcy petition is a major one. Before doing so, you should review all of your options and consult a bankruptcy attorney.