When foreclosure looks like it is not too far away, you don’t have to give up the hope of keeping your home. Filing for bankruptcy in Aurora gives you the opportunity to stop the foreclosure from happening and renegotiate your mortgage. The key to making this work is to talk to a lawyer at Ledford and Wu the moment you think you are going to need help. Doing absolutely nothing is a sure bet that you are going to lose your house and wind up in worse shape than you ever thought you would.
Filing for bankruptcy effectively stops the collection activity against you, and this includes the lenders attempts at getting you to pay your mortgage. Bankruptcy court does not want anything or anyone to touch assets until it has had an opportunity to investigate the situation. Any attempt to collect is a violation of the laws and results in the lender being fined at the very least. The bank now has to wait until your lawyer approaches it with an offer to renegotiate the mortgage into more favorable terms.
So why file for bankruptcy in Aurora over a foreclosure? Can’t you use one of the federal refinance programs instead? The problem with these programs is the fact that banks don’t like them and do what they can to make it difficult to get approval. It is simpler and more effective to go to bankruptcy in order to renegotiate the mortgage. Going this route also gives you the opportunity to get all of your debts under control and turn them into one payment that you make every month.
There is no wondering if you’ll get into a program with bankruptcy; it simply works. Provided you got to a lawyer and filed before the bank did, the bank has no recourse against the bankruptcy. In the meantime, you are given the court-ordered opportunity to bring your debts current and cure all defaults. It also has a lesser impact on your credit rating because you are still repaying your debt, just in a different way.
Take the time to discuss your situation with a lawyer before taking any action. Legal assistance can help you find the best option and shoulders the burden so you can work on getting on with your life. Visit website for more information.
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