Many people are afraid of bankruptcy because they think they will lose their home. Most of the time, if you want to stay in your home, we will find a way to do it.
In this economy and the depressed real estate market, many people are asking themselves some tough questions about their homes.
- Is your mortgage upside down or under water? In other words, is your house worth less than what you owe?
- With an upside down mortgage, if you have not been in your home for a long period of time, do you want to continue paying that mortgage?
- Would it be more realistic to walk away from the house, or sell it, perhaps in a short sale?
While you are going through the bankruptcy process, it is the right time to deal with what is probably your biggest expense. Will a loan modification solve your problem? Or is it better to give up the house?
Tell us, “I want to keep my house,” and we will usually find a way. Bankruptcy offers many options, and home protection is one of them. Be aware that filing for bankruptcy automatically stays any foreclosure action, giving you time to study your choices.
Discuss your home options with a bankruptcy attorney.
In all likelihood, you will not lose your house. But you may decide that selling your home or just walking away is the best option for you under the current circumstances. Discuss the options with lawyer Brian Blum. Contact us for an appointment. The first consultation is free.
