Bankruptcy will STOP foreclosure in its tracks and you may be able to completely ELIMINATE YOUR SECOND MORTGAGE through Chapter 13 bankruptcy. If you’re behind on your first mortgage, we can reorganize your finances and give you five years to repay arrearages on your mortgage.
It’s no mystery that the U.S. housing market is, at best, erratic and unpredictable these days. On top of this, the poor state of the economy has left many home owners unable to make payments on the mortgages they signed up for only a few years prior. Finding yourself in this situation is nothing to be embarrassed about; instead you should make sure that you are educated on the subject in order to make the best decisions concerning the future of your financial life.
Identifying financial issues and troubles and recognizing them as such is the most active step you can take toward minimizing the stress that you will inevitably experience during your time of hardship. Many homeowners will ignore obvious signs that point toward the need to reorganize their financial lives until these problems pile up and become absolutely unmanageable. Again, approaching your financial difficulties with confidence and acceptance rather than denial and shame is the best way to solve these difficulties and move on with your life.
The risk of foreclosure begins with the first missed mortgage payment. Although it may seem like this missed payment is not a big deal (primarily due to the fact that the bank typically won’t contact you about it), it can quickly become an issue that will consume your everyday life. The problems tied to missing a mortgage payment begin with a negative mark on your credit, and these negative marks will increase exponentially with each subsequent missed payment, eventually taking a huge toll on your credit score.
Generally speaking, three missed mortgage payments will trigger the paper work to begin foreclosure. At this point it is very hard for most homeowners to catch up with payments, so usually a homeowner who is facing foreclosure is left with a few last resort options.
The first, obviously, is to allow the foreclosure to take place and to move out per the request of the lender. Another option is to make a short sale, which covers part of the remaining balance on the mortgage and usually requires the borrower to continue paying the remaining balance until it is paid off. Lastly, a homeowner who is facing foreclosure can choose to temporarily halt the foreclosure by filing for bankruptcy.
If you’re facing foreclosure and if filing for bankruptcy seems like it may be the most suitable option for your particular financial situation, please do yourself a favor and contact our expert Denver foreclosure team to schedule a consultation today. We can be reached by phone or email using the Get Help Now 24/7 page above.