If you are facing foreclosure in Glendale, AZ, the most important thing that you can know right now is that you do have options. You are probably getting some worrisome phone calls, letters, and maybe even legal summons. Being threatened with foreclosure is certainly a frightening thing because this is the only home you have, and naturally you don’t want to lose it. The good news is that you don’t have to lose your home, even if you can’t pay all the past due money owed. The smartest move at this time is hiring an attorney who works with foreclosure situations.
If you are so far behind in your house payments that you feel there is no hope of ever catching up, bankruptcy may be a good thing to consider. There are two types of bankruptcy for individuals. The most common is chapter 7 bankruptcy. This is the type of bankruptcy that will allow you to dispose of virtually all of your debts excluding tax and child support debts. Even though you are getting rid of most of your debt, you are able to keep your home in a chapter 7 bankruptcy in many cases. The homeowner’s exemption laws state that you are able to keep your home if you have only a small amount of equity in it. Additionally, you must make a formal agreement with your home loan provider to pay back the remainder of the loan. Often, foreclosure can be stopped once you file bankruptcy. Your attorney will officially inform the lender that you are filing for bankruptcy protection and that the home is included in the proceedings. This will prevent the lender from pursuing the foreclosure.
During the bankruptcy negotiations, your attorney can work with the lender to arrange for a repayment plan that you can afford. This may mean that your past due payments are added to the end of your loan and that your penalties are forgiven. If you are facing foreclosure in Glendale, AZ, don’t panic. Take some time to visit site to learn more about what you can do to stop the foreclosure and keep your home!
