Navigating a financial crisis can be a challenging and stressful experience for Tennessee homeowners. Especially for those who have children, when financial problems hit, it can be downright scary. If you receive a foreclosure notice in the mail or your lender has mentioned the word to you in a phone conversation, it’s understandable that you might feel worried about the possibility of losing your home.
In situations like this, it is best to try to remain calm and explore any and all debt relief options that might be available to you. In fact, there may be ways to halt foreclosure in its tracks, such as filing for certain types of bankruptcy. Many Tennessee homeowners have been able, not only to keep lenders from taking their homes away, but also to restructure their financial plans so that they can pay off debt and restore solvency, as well.
How does bankruptcy stop foreclosure?
When you file for personal bankruptcy, it activates an automatic stay against debt collections and litigation. In other words, it provides the breathing room you need to devise a plan that may include restructuring your payment program, so that you can continue to pay on your mortgage without having the lender foreclose on your home. To determine which bankruptcy program best fits your needs, it is helpful to seek legal consultation.
Richard Banks & Associates, in Tennessee, provides foreclosure support to homeowners who are worried about losing their homes due to their current inability to meet mortgage payments. By scheduling a meeting with an experienced bankruptcy law attorney, you can obtain a careful review of your case and seek recommendations for a best course of action. Never ignore a foreclosure notice that comes in the mail. Acting swiftly may be the key factor to saving your home.