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How can I stop the bank from foreclosing on my home?

In a previous post in this series, we discussed the foreclosure process and the steps lenders must take before initiating a foreclosure on your property. In that same post, we also mentioned that there may be steps you can take to stop the foreclosure and keep your home. Today we want to get into that topic in a little more detail.

Many people wrongly assume that their only option is to accept the lender's decision and give up their homes. The truth is that there are a number of options that can help with not only stopping the foreclosure action, but may also allow you to keep your home. This is a difficult time, and having the objective opinion of a lawyer can be invaluable.

Two Sound Options For People Trying To Save Their Homes

If you are facing foreclosure, it is important that you know all the facts before you decide to simply walk away from the home you have worked so hard for all these years. Below is some additional information on two effective options for saving your home.

Filing For Bankruptcy

By filing for bankruptcy, you may be able to eliminate some of the other debts that are keeping you from paying your mortgage. Credit card bills, doctor bills and others can all be addressed through Chapter 7 or Chapter 13 bankruptcy. In a Chapter 13 filing, you can even wrap your past due mortgage payments into your payment plan.

Loan Modification

There are a number of loan modification programs available for people who are already behind or may be at risk of falling behind on their mortgage payments. Your attorney can explain the various programs that are available and which one you may be eligible to pursue. If you receive a loan modification, you may not need to seek any additional debt relief.

Look for the next post in this series when we will discuss in more detail how bankruptcy can help you keep your home.

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