Foreclosure is when someone cannot pay their mortgage or falls behind on their home or property payments. The bank or agency that lent the mortgage will then attempt to seize the property or home. After they have taken back the property or home, they will attempt to sell it at an auction. If they are successful in selling the home, the proceeds of the sale will be used to pay the homeowner’s debt.
What Are The Options?
There are many options available to you if your property or home is in foreclosure. Your state’s laws regarding what is allowed and prohibited will also affect your options. To help you navigate the world of foreclosure, your lawyer can provide more information. In certain cases, filing chapter 7 bankruptcy or chapter 13 bankruptcy can be a good idea to ease the burden of foreclosure. If you want to expedite the foreclosure process, Chapter 7 may be recommended. If a court grants permission, the property or home will be sold within a few months. Although Chapter 13 is generally a longer process, it comes with certain stipulations. Along with the mortgage, certain balances must be paid. The family or individual can remain in the house as long as they make the mortgage payments.
How To Avoid Foreclosure
These guidelines will help you avoid your property or home being foreclosed. You may be able to get more for your property than the mortgage. This could help you avoid foreclosure. A judge might grant a person an extension to try and pay off their debts or sell their home. You could also allow your lender to return the property without it being foreclosed. This is called a “Deed in lieu of Foreclosure” and can be done in certain cases depending on the circumstances.
Legal Counsel Assistance
It can be very difficult to go through a bankruptcy or foreclosure. If a family is forced to move, this process can be very difficult. It is a good idea to speak with an experienced bankruptcy lawyer from the Offices of Bruner Wright P.A. These lawyers may be able help you with your foreclosure process. These lawyers can assist you in contacting your lender to find common ground for getting out of foreclosure.
This post was written by Trey Wright, a highly sought-after bankruptcy lawyer in Valdosta, GA! Trey is one of the founding partners of Bruner Wright, P.A. Attorneys at Law, which specializes in areas related to bankruptcy law, estate planning, and business litigation.
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