The current economic scenario has put many in the shadow of foreclosure. Foreclosure occurs when you are unable to pay back your mortgage company. A decade back it was simple to cash in on the booming real estate market but the unexpected downturn has left many in a lurch. Here are a few suggestions to help stop foreclosure.
o If you are finding it impossible to manage your house hold expenses as well as pay your mortgage, then you can declare yourself bankrupt. Declaring bankrupt under chapter 13 will give you temporary foreclosure stop.
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o Once the court hears your bankruptcy appeal, they will put a stay over your house. This prohibits your mortgage company from selling off your property. You can file for bankruptcy under chapter 13 only if you don't have a regular employment or any other source of income. The court might award you some additional years to make all pending payments but you must be aware that your mortgage company will leave no stone unturned if you miss out on any of your next payments.
o Bankruptcy can be beneficial to you because first and foremost you are being able to protect your home and secondly because you don't have to take the trouble of taking another loan or mortgage. In fact, it proves more difficult to get another mortgage for a new home approved after a house foreclosure.
o If you think that you have a regular source of income but this is not sufficient to meet your mortgage then you could shoot for another option, namely forbearance. This in simple terms is a loan repayment plan which might be the best option for you and your mortgage company or lending institution.
o Once you declare your new income and current debt and bills to your lender they will arrange a repayment plan for you. There could always be a possibility of a percentage wise reduction in your monthly payments or a cut in the interest rate.
o Such a plan may bring about enough temporary relief and help stop foreclosure for the time being. But, if you are unable to meet your payments and enhance your income you might be at a loss in the long run.
Bankruptcy and loan repayment plan help you in halting the foreclosure of your home in the short run. Going ahead with any of these strategies gives you the time to analyze your current scenario, bring about necessary changes in your life style and clear your existing foreclosure loans.
As with any legal issues you should consult with an Attorney, Certified Public Accountant, or Lawyer prior to making any serious financial decisions.
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