Foreclosure is a serious fear for many American families today. Sometimes, people live frugally, save money, buy a modest home, and still find themselves in difficult circumstances. Often, foreclosure is the result of some situation over which the homeowner has no control. Perhaps the main-earner for the family was laid off, maybe a divorce has left the family members remaining in the home spread too thin, other situations include unforeseen medical expenses, loss of a provider, pay cuts at work, and many more.
Whatever the circumstance, we can help slow down and maybe even stop the foreclosure process. There are many ways to do this. The first option is always to get the lender on the phone. We explain the situation that you are facing. Despite what many people think, the lender does not want to foreclose, they want to be paid. Often, a hard negotiation with a lender can result in a more affordable payment. A second option would be a short sell. Again, that would be something we negotiate with the lender. If all else fails, then there might be one remaining option.
Filing bankruptcy results in an automatic stay from your creditors. Creditors can neither foreclose nor repossesses your property during this time. However, filing for bankruptcy is serious business. And we would not be doing our job as counselors if we encouraged all clients to file for bankruptcy when there are other options available which may be less costly in the long run.
Call Carr Law Utah today. We will find a way to keep you in your home for as long as possible. For a bankruptcy attorney in the Salt Lake City area call (801) 988-9400.