To many, buying a home is part of the American dream. With their eyes on the prize, they rush into buying a home. Pre-homeowners and homeowners alike have questions such as: What is a Lein? Can my mortgage rate fluctuate? What is foreclosure? 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 for foreclosure can be a good idea to ease the burden. 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. To dive more into the question “What is foreclosure?” we have representatives ready to answer any questions you may have.
Contact Bruner Wright P.A.
Bruner Wright P.A. is a top-rated experienced law firm servicing the Florida Panhandle and the South Georgia area. Our practice has been very successful in helping people discharge their debts and handle both bankruptcy and foreclosure. We offer a personal service that is comprehensive and thorough in all aspects of our industry. We are responsive to the needs of our clients.
Our Service Areas
Contact us today to schedule a consultation to speak to a bankruptcy attorney about bankruptcy and foreclosure. A member of our team will review your case to help you make the right choice. We are focused on personal chapter 7 bankruptcy, chapter 13 bankruptcy foreclosure, and business bankruptcy chapter 11. We want you to achieve financial stability.