Financial challenges can force Tennessee residents to file for bankruptcy. The decision to file for bankruptcy should be made very carefully because while you’ll be able to eliminate debt quickly, you’ll likely have to part with your assets, especially your most important one – your home. Fortunately, we can help you keep your home – even up to the last minute – before it is sold in a foreclosure auction.
Unless you own your home outright, you have a monthly mortgage that must be paid. If you miss a month or two, you will generally have to pay late fees, but nothing too major will happen at this time. But after three to six months of non-payment, the foreclosure process will start. The process will happen much sooner if you ignore letters and phone calls from the lender. Therefore, it’s imperative that you keep in touch with your lender and let them know about your situation and why the payments will be late. The lender may be understanding and able to work with you.
Bankruptcy does not mean you have to lose your home. There are programs available that can keep you in your home. If you have lost your job or faced other challenges that are keeping you from making timely mortgage payments, home loan modifications can help lower your monthly payment, making it affordable for you to stay in your home.
It is possible to keep your home even if you are going through bankruptcy. Contact us today to see how we can stop foreclosure. The sooner you act, the more options you will have available to you.