There are a few things that you must know if you are at risk for losing your home. The first thing is that it is never too early to seek counsel from a foreclosure attorney. No matter how you plan to proceed their knowledge can prove invaluable. The second thing you must know is that this is a process. Losing your home does not just happen to you. You must take responsibility for your part in this. Read all correspondence and do not ignore this problem. This problem will only get worse and you may come to a place where if you wanted to keep your home that option may not be available.
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Once you admit that you were part of this problem you are ready to proceed. Discuss your options and learn about ways to act on them. You may be able to file for a re modification. This would mean that you would set up an agreement with the lender to change your payment. Your lawyer will help you fill this application out and you will need to provide all proper documentation. If they deny this request you can ask them to review it again. If you exhaust this option you can consider a short sale if you don't want to keep the home.
A lender would rather that you sell the property at a loss than that they have to auction it off at a much bigger loss. If you want to keep your home your foreclosure attorney may be able to find other loopholes to force the mortgage company to work with you. Things like asking them for documents that they should have, but they may not actually have in their procession. If this won't work they may suggest bankruptcy.
Bankruptcy is not the right option for everyone. If you go this route you need to understand that this is a life changing option. You will learn a lot about your families' finances and you may not be able to keep all your possessions. For instance, if your family has two valuable cars you may be forced to sell one to pay back a creditor. These laws vary by state and not every situation is the same. Generally furniture and clothing are exempt. Any sales that you make that look suspicious will be researched. If the court thinks you are trying to keep property, hide money or other assets they will dig more. It is also not okay to favor any creditors. For instance, you cannot be paying extra on your vehicle and not paying for your second vehicle.
No matter the choices you made that got you in this situation, there is a way to protect your rights and property now. You need to enlist the assistance of a good foreclosure attorney. A lawyer will be a valuable asset and a worthwhile expense during this process.
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