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If foreclosure is looming, consider bankruptcy

On Behalf of | Jun 12, 2020 | Foreclosures

You love your home, but you’ve really struggled to make payments on time. Your mortgage went up when your property values started to increase, and that increase in your mortgage took a toll on your budget. Where you used to pay $900 a month, you now have to try to come up with $1,200. It’s a big jump.

While an increase does mean that your property’s value is higher than in the past, it has still put a major strain on your finances. You’ve already missed one mortgage payment, and you don’t want to put more stress on yourself by missing another. What should you do to stop foreclosure?

At this point, one good idea is to reach out to your mortgage lender. Discuss what happened and that you’re having trouble meeting the new mortgage payment. They may have suggestions for you, such as refinancing the property or allowing you to skip a payment, that could help you get back on track.

If you continue to miss payments, you could end up facing a home in foreclosure. While you do have the option of catching up on your payments to save your home, it may not be possible. That’s where your attorney and a bankruptcy may be able to help.

With a bankruptcy, you can put a stop to foreclosure proceedings immediately. This may help you eliminate debt that is keeping you from having enough for your mortgage, too. Every situation is different, but if you want to save your home, it may be time to look into bankruptcy or other legal options that could help.

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