If you’re concerned about losing your home, or are even facing a foreclosure, you need to consult with a Chicago bankruptcy lawyer to explain the options that are open to homeowners in Illinois. In recent years, the federal government has stepped up to the plate when it comes to help for homeowners in America.
The Affordability and Stability Plan passed by Congress is one of the latest mortgage loan modification plans that can provide help for homeowners in financial difficulty. The way that the federal plans work is that they provide a mortgage loan modification that guarantees lower monthly repayments as well as fixed interest rates. It means that homes are saved from foreclosure and lending institutions are not burdened with non-performing assets.
Accessing this help for homeowners in Illinois needs to be done through a bankruptcy attorney, as you need to explore the fastest way of stopping foreclosure and that may be by declaring bankruptcy. It does not have to be an ugly word or mean that the end is nigh. Bankruptcy is a smart and perceptive way of using the bankruptcy laws in America to stop action against you while you look at the mortgage loan modification programs. This type of help for homeowners is available through expert bankruptcy attorneys.
A Chapter 7 bankruptcy means that your personal debt is discharged to the lender and you will be given time to sell your home on your terms. A Chapter 13 bankruptcy will allow you to pay off your arrears at a much reduced rate and cover your mortgage with a mortgage loan modification. Help for homeowners through bankruptcy does the most important thing: It gives you options, which you may never have considered before. Consulting with a professional and local bankruptcy attorney will give you a legal eagle on your side and provide the help for homeowners that is so sorely needed in America.
Bankruptcy is never the end of the road, it is merely a junction where you can stop, breathe a while and start again with renewed vigor.