Simply stated, foreclosure is a tough reality for a homeowner to face. Not only do you have to be concerned about your financial future, but you also have the burden of worrying about how to ensure that your family has a roof over their heads. If you’ve found yourself in a harrowing situation like this, it’s important to realize you may actually have more options than you think you do. If you haven’t thought about the possibility of filing bankruptcy in order to stop Foreclosure in Casa Grande AZ, here are a few reasons you may want to speak with an attorney about doing so sooner rather than later.
Taking Advantage of the Automatic Stay
Many people believe that bankruptcy is a long, drawn-out process that takes many years to complete. When Foreclosure in Casa Grande AZ is imminent, you may not think there is enough time to file for bankruptcy and save your home. Fortunately, each consumer is granted an automatic stay as soon as a bankruptcy petition is filed. This means your creditors must stop all collection efforts, including foreclosures, which gives you an opportunity to work with your lender and, possibly, save your home.
Catch Up On Your Late Loan Payments
If you are facing foreclosure because you are having trouble keeping up with the mortgage payments, a Chapter 13 petition may be just what is needed to get back on track with your loan terms. This is because the Chapter 13 bankruptcy process requires you to come up with a viable payment plan based on your current income. This gives homeowners a three-to-five year grace period during which they can make up missed payments and bring the loan out of default status.
Although filing for bankruptcy may not have previously crossed your mind, it’s important to realize it can be used as a tool to help some homeowners avoid the horrors of foreclosure. If your financial situation has become too dire for you to handle on your own, consider calling the law offices of Asheton B Call for help. Not only will their team of professionals help you evaluate your options for debt relief, they’ll do their best to help you hold on to your home as well as your peace of mind.
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