Protecting Your Most Important Investment: Your Home
For individuals and families facing serious financial difficulties, one of the most worrisome questions is whether they will be able to keep the house and save it from foreclosure. No matter how bad your financial situation is, there may be options available to help you stop foreclosure or prevent the bank from foreclosing on your house.
Located in Lynn, Massachusetts, Moniz & Mendes, P.C., has a bankruptcy and debt relief law practice that helps people throughout the North Shore and the surrounding communities.
Early Action Can Make a Difference, but Help Is Available Anytime
The earlier you talk to a knowledgeable debt relief attorney about your foreclosure-related concerns, the more time you have to work with your lawyer to develop a plan that gives your family the best chance of staying in your house.
That said, we know very well that many people wait until the last minute to seek legal help with foreclosure proceedings. We understand this; facing up to the fact that you might lose your home to foreclosure is a very difficult and emotional move to make. No matter where you are in the foreclosure process, you owe it to yourself and your family to discuss possible options to stop foreclosure with our lawyers.
The course of action you choose will depend significantly on your circumstances. Some of them will allow you to keep your home. Others involve walking away from your home, but allow you to minimize the financial damage.
Various options to address an impending foreclosure exist, including the following:
- Loan modifications
- Chapter 13 Bankruptcy to enter into a supervised repayment plan with your mortgage company
- Chapter 7 Bankruptcy to legally discharge your debts, including your personal liability on your mortgage, thus allowing you to surrender the home to the mortgage company. This will also discharge any remaining balance owed on the mortgage that did not get paid at the foreclosure sale
- A short sale, and an agreement with your bank that they will accept the selling price as full repayment of the mortgage
Contact Our Lynn Debt Relief Attorneys
Our Lynn and Saugus bankruptcy attorneys can help you compare these various options, and others, and discuss the benefits and advantages of each. Contact us online or call 781-350-4963 to schedule your free initial consultation with an experienced bankruptcy lawyer.
