The stress of not being able to keep up with your mortgage payments can be overwhelming. Whether you are behind because of a recent separation or divorce, medical situation or job loss, Chicago’s Best Bankruptcy Attorneys can explain your options to you and may even be able to help you keep your home.
The foreclosure process typically begins after a home-owner misses two consecutive mortgage payments. In some cases, a home-owner can delay the process by keeping in touch with their lender and advising them of their current situation. Mortgage lenders often have options for people who have temporary financial difficulties. If you have an emergency situation and won’t be able to pay your mortgage, it is always advisable to contact your lender first.
Unfortunately, all financial problems are not temporary. If you are in a situation where you can no longer afford to make your payments and you don’t know when you’ll be able to, it is important to contact an attorney right away. Your lawyer may contact your lender to get approval for a short sale that will allow you to avoid foreclosure by selling your home for less that what you owe to the mortgage company.
Another option is bankruptcy. When you file for personal bankruptcy, all collection activities by creditors you owe money to must immediately stop. This includes your mortgage company. If they have not yet filed for foreclosure, they can’t do it unless they get approval from the bankruptcy court. The automatic stay gives home-owners some time to assess their situation and determine how they will handle their debt problem without constant calls from creditors.
In some cases, filing for bankruptcy will give you the opportunity to catch up on your missed payments and keep your home. If you don’t have the income to support the house, bankruptcy will ensure that you do not owe any money after your home is foreclosed. Without the protection of bankruptcy, your lender could charge you the difference between what you owe on the mortgage and the price the home sells for at auction. By working with Chicago’s Best Bankruptcy Attorneys, you can be sure to get the best solution for you and your family. Visit Website for more information.
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