Homeowners Guide to Stopping Foreclosure

22-Mar-2012

The first step that you can take to halt foreclosure action against you is to talk to a reputable bankruptcy lawyer about your options. Despite the government foreclosure help packages that were launched in 2007 and again in 2009, the rate of foreclosures has climbed steadily over the past few years. Homeowners across America are looking for financial advice and information that will help them save their homes.

What home owners want is a way out of the debt that is hanging around their necks like a millstone. It’s scary when you can’t pay your mortgage at the end of the month and there seems no end in sight, but there are a number of options that you can do to stop the foreclosure train right in its tracks.

· Get Help: Don’t delay in getting help for your foreclosure problems. If you consult with a specialist, you may be able to save your home. Loan modification, refinancing and even bankruptcy are perfectly legitimate means of saving your home from foreclosure. You need to act before you get a notice of foreclosure from your mortgage holder. As soon as you know that you will not be able to meet payments on your home; get professional help from a Chicago bankruptcy lawyer.

·Consider Bankruptcy in Illinois: While some people balk at the thought of declaring bankruptcy, it might be the only way to save your home from foreclosure. What bankruptcy does is to stop the foreclosure proceedings against you immediately. It brings relief from the relentless demands for payments and means that you have the chance to discuss your options with a qualified bankruptcy attorney who will be able to advise you on the best strategy.

· Automatic Stay: Declaring bankruptcy means that a foreclosure action against you is stopped by the courts. While mortgage lenders routinely fight to lift the stay, a professional attorney will be able to continue the stay by addressing mortgage ownership issues.

‚Äč· Use A Professional: While it is possible to declare bankruptcy on your own, the best way forward is to use an attorney who has experience in bankruptcy and foreclosure and loan modification. A local bankruptcy attorney knows the local laws, the local courts and the local banks.

While facing foreclosure is a stressful situation, it is not unredeemable, nor is it permanent. If you use a bankruptcy attorney to halt the proceedings, it can give you a couple of months grace to re-organize your finances, and that breath of fresh air may be all that you need to get on the road again.