In today's economy, more and more people are facing foreclosure. If you should find yourself in this dilemma there are several things which you can do in order to stop the foreclosure process, save your home and protect yourself and your family.
The first step will be to decide if legal action will result in your favor. In order to gain the upper hand and take control of the foreclosure process, you may want to go to court. If you determine legal action is in order, the next step will be to hire a lawyer. You will want to look for one who specializes in foreclosures. They are skilled in this process, know what to do and how to do it in order to negotiate the most favorable settlement for you.
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They will also be familiar with new or changing laws which you may not be aware of. This may include but is not limited to filing bankruptcy in order to save your home. Bankruptcy could be preferable to foreclosure since it can be an option to stop the foreclosure process, it erases debt, and it allows the borrower an opportunity to build good credit sooner.
Your lawyer may be able to petition the court to issue and automatic stay. This directs creditors to cease their collection activities for three to four months. This can be accomplished by filing a Chapter 13 or a Chapter 7 bankruptcy. However, with a Chapter 7 bankruptcy the foreclosure is not canceled.
If bankruptcy is not an option for you, your lawyer may be able to assist you with other methods. Some of these options might be debt consolidation or refinancing. Your lawyer will be able to help you become familiar with the option which is best suited for your particular circumstances.
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