People purchase homes for a number of reasons. For many, owning a home is a sign of success. Others look at their home as a stable place to raise their children and build community ties. However, a home can also be a hardship if the family doesn’t plan for financial emergencies or faces a financial crisis so severe they have to use all of their savings to survive. Somewhere around the time a homeowner misses their second consecutive mortgage payment, the lender will begin the foreclosure process and the homeowner will face losing their house.
Homeowners do not need to sit back and wait for the bank to sell their home or immediately move into an apartment. Instead, when facing Foreclosure Casa Grande AZ, homeowners should contact an attorney such as Asheton B Call, who focuses on bankruptcy law. There are two types of bankruptcy that might help homeowners in this situation. One is Chapter 7 bankruptcy. Those who choose this option are typically unable to make any more payments on their house and are ready to cut their losses. Bankruptcy may help these people by discharging the difference between what the homeowner owes on their mortgage and the amount the bank is able to get when they sell the property. The family will need to move out, but they won’t have tens of thousands of dollars in debt following them.
The other option is Chapter 13 bankruptcy. Before going into Foreclosure Casa Grande AZ homeowners might choose this option to reorganize their debts into more affordable payments. People who choose this option typically have a lot of equity in their home and they have a stable source of income to be able to make monthly payments. As long as they make the agreed-upon deposit with the bankruptcy trustee every month, they’ll get to remain in their home. This is a stressful situation to be in so homeowners must carefully consider their options. Many start by taking a moment to Browse Site before calling an attorney to schedule a consultation. It’s important to do this quickly because a homeowner’s options may decrease the longer they wait to address this issue.
