When facing foreclosure many people file bankruptcy. They file almost immediately, without using all of the available options to buy more time. Remember that bankruptcy is the final tool when nothing else can be done. I never advocate bankruptcy. Consider the following steps first:
1. The first three months of delinquency. You are still in good standing. Contact your lender before they contact you and explain the reason why you cannot pay your mortgage. Send promptly the paperwork requested.
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2. Arrange forbearance agreement. Some lenders can give you up to six months free of payments. Most require partial payments. Accidentally I found a way to be on forbearance agreement really for free.
3. Initiate a short sale. The first requirement is to find a buyer. Without a buyer there is no short sale. The process takes about six months. There is a lot of paperwork involved but it is not a rocket science. You can do it.
4. If the offer is rejected, find another buyer and do it again.
5. You can repeat the short sale process 3 or 4 times. It is a great tool to buy time.
6. When all options are exhausted, you can consult a bankruptcy attorney. Consider filing for Chapter 13 first. Then when you fall out of Chapter 13, roll into a Chapter 7. In most states the homeowner can file bankruptcy one hour before the public sale and stop it.
7. At any time you can apply for a loan modification to a level, that is affordable for you to handle and also for the life of the loan. I have seen fixed interest rates of 2% on a 30-year loan.
Always be on top of the events. Do not rely on anybody else to do the job for you. Most importantly, keep yourself in a positive state of mind. Spend more time with your family and have fun. Do not worry, because it will bring you more of what you worry about.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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