By accepting you will be accessing a service provided by a third-party external to https://justicefinder.com/

2 minutes reading time (397 words)

Deciding Whether To Fight Foreclosure or Let Your Home

If you want to save your home, the most viable option is typically going to involve filing for protection in bankruptcy under Ch. 13. This leaves you an option to keep the house out of foreclosure, or remove it out of foreclosure because you have a repayment plan in the bankruptcy to catch up payments. Alternatively, other options involve homeowners who prefer to let their mortgage go because they do not feel the desire to keep a home that has a mortgage putting it underwater financially.

If your house has a mortgage balance putting it underwater, our team will still help you keep the home if that is your choice. Often, keeping a home that is underwater still makes financial sense due to the opportunity cost with respect to rent. For example, if your mortgage costs $900/month and a Ch. 13 bankruptcy would put you into a repayment plan that has a trustee payment of about $150/month, then your overall cost for the mortgage will be around $1,050. If it would cost you $1,200 or more to rent a similar or adequate alternative housing, then you would do better to simply resume payments through the chapter 13 plan. We do all we can for clients in assisting them reach their goals.

Additionally, you will find that even though we have extensive skills in handling bankruptcy cases, the attorneys in our foreclosure prevention firm also provide information and options through non-bankruptcy methods. The options include such routes as figuring out how to best sell your house for reasonable home pricing through typical real estate channels involving a real estate agent. In some situations, a cash buyer could present the best option in order to sell the home quickly enough that you avoid any damage to your credit report from late payments on a mortgage. Yet, in a number of situations, equity is not adequate to justify a Realtor so our foreclosure prevention offices can offer solutions like facilitating a cash offer for your house if you choose to sell at a reasonable home price.

The bottom line is that if you need to stop foreclosure, it is wise to contact a DFW foreclosure attorney right away to discuss your options and learn how you can stop the sale of your home and preserve your rights, your equity, and your credit depending on the unique aspects of your situation.

Common Implications When Filing for Divorce
The Challenges Faced by Men in Divorce Court
 

Comments

No comments made yet. Be the first to submit a comment
Already Registered? Login Here
Guest
Wednesday, 08 July 2020
If you'd like to register, please fill in the username, password and name fields.
Cron Job Starts