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Is bankruptcy my only alternative to foreclosure?

For many people who are facing the threat of foreclosure, their mortgage payment is the only debt that is causing them financial difficulty. If there were a way to rework the terms of the mortgage or some of their other debts, it might provide the relief they need. In too many situations, however, the prospect of losing a home is so paralyzing that owners just don't know where to begin to get back on the right path.

The good news is that there can be a number of ways to arrange your finances in a way that you can comfortably make your mortgage payment and eliminate the threat of foreclosure. There can be advantages and disadvantages to any course of action, and seeking the advice of an attorney is always beneficial. Filing for bankruptcy is a proven method of eliminating debt and catching up on mortgage arrearages. However, it may not be the right solution for everyone.

So, what are the other options?

Depending on your overall financial situation, it may be possible to find the relief you need without filing for bankruptcy. The following is a brief overview of a couple potential options.

Loan modification

Florida law requires lenders to negotiate with homeowners as a way to avoid foreclosure. Many lenders would rather foreclose on the home and force the sale of the property, so many of these negotiations can be quite challenging. By having an attorney involved from the outset, the lender will know that your negotiation should be taken seriously and that you are ready to fight to keep your home.

Consolidation loan

If your credit is in good shape overall, it might be best to consolidate your debts into one loan payment. If you are able to obtain the loan, it can allow you to make one payment for all of your other debts and may even lower your overall financial obligation on a monthly basis. With a consolidation loan, you only have to budget for one payment each month rather than having to plan out multiple payments. A consolidation loan is an agreements between you and the bank, you shouldn't need legal representation to get it done.

Other options

There are other options that may be available depending on your unique circumstances. It is important that you speak with an experienced attorney who can review your situation and recommend a sound course of action. The most important thing for you to know is this: Just because the bank is threatening to foreclose, it doesn't mean your only option is to hand over the keys.

Come back next time when we will discuss loan modifications in more detail.

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