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What You Can Do to Help Avoid Foreclosure Proceedings

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What You Can Do to Help Avoid Foreclosure Proceedings

The recent financial crisis has caused millions of Americans to lose their homes through foreclosure proceedings. Many people felt there was nothing they could do to stop the inevitable action of being forced out of their homes. While some of the foreclosures could not have been avoided, others may have been prevented with the assistance of experienced bankruptcy attorney. With this in mind, you may be able to prevent your lender from taking your home if you consider the following options:

(1) File for Bankruptcy

If you are unable to manage your mortgage payments and need a debt-management option that will stop the foreclosure process, you may consider filing for bankruptcy. Filing for bankruptcy places an automatic stay on any foreclosure proceedings and/or collection activities. The idea of filing for bankruptcy may seem like an extreme measure, however, if you are not able to pay your mortgage, you may lose your home and your credit is at risk. Being foreclosed on could prevent you from being able to purchase a home in the future. Bankruptcy will allow you to take control of the unmanageable mortgage and get back on track without losing your home.

(2) Negotiate With Your Lender

If you know that you will not be able to make your mortgage payments, you need to act quickly to come up with a more manageable payment plan by negotiating with your lender. If you miss payments and ignore communications with your lender, you will have a difficult time negotiating with your lender later on when your home is being foreclosed on. By seeking a resolution with your lender, you will be able to avoid a large decrease in your credit score. Your lender may agree to one or more of the following in order to avoid foreclosure.

• Decrease your monthly payments, and extend the repayment period;
• Make up missed payments later on, at an agreed upon date; and
• Adjust the interest on your mortgage from an adjustable rate to a fixed rate.

Your lender may agree to other terms not described above that fit your financial situation, and allow you to stay in your home.

(3) Selling Your Home

After considering how much you are behind on your mortgage payments and how much you still owe on your mortgage, you may discover that selling your home is the only feasible way to discharge the debt incurred from the mortgage. To determine if selling your home is the best option for managing your debt and getting back on track, you should consider speaking with a debt-management and bankruptcy attorney who can help you weigh the pros and cons of choosing the sale of your home over other measures to avoid foreclosure.

Contact The Law Offices of Georgette Miller and Associates, P.C. Today

Avoiding foreclosure proceedings can help to prevent a significant dip in your credit, and will allow you to stay in your home. Foreclosure is not always preventable, but taking steps to avoid foreclosure with the help of a qualified debt-management and bankruptcy attorney will enable you to manage your debt in a way that fits your financial situation. At The Law Offices of Georgette Miller and Associates, P.C., our attorneys have the requisite skill and commitment to assist you with your debt-management and bankruptcy needs. Our law offices provide debt-management and bankruptcy advice to businesses and individuals located in and around Philadelphia, PA, New York, New Jersey, Washington, D.C., and Wilmington, DE. To schedule an initial consultation with one of our attorneys, call The Law Offices of Georgette Miller and Associates, P.C. today at (866) 96-GMLAW.