If you are on the verge of losing your home to foreclosure, there are alternatives. A bankruptcy attorney Bethlehem can help you explore these alternatives. Here are just a few options that you may have.
When faced with the turmoil of foreclosure, most homeowners believe all is lost. There are several ways you can prevent the bank from foreclosing on your home. With the economy struggling, you are not alone in facing the possibility of foreclosure. By acting quickly, you can rebuild your credit and your relationship with the bank.
There are still plenty of houses selling every day. There are buyers looking for a great house and a great buy. Chances are you can still sell your home. If you do not have a lot of time, you can always try working a deal out with the bank to do a short sale. The bank may be willing to accept the home being sold for less than what you own on it in order to not lose more money in a foreclosure process.
There are two types of bankruptcies. A chapter 7 bankruptcy will push the foreclosure process out a little longer and allow you to clear out debt out. The other bankruptcy is chapter 13 which entails repaying and debt you owe over a set term. You get to keep your home in this case. Your bankruptcy attorney Bethlehem can discuss the best route for you.
Banks experience many foreclosures. They do not like foreclosing on a home any more than you do. They lose a considerable amount of money and end up sitting on the property not making any money for quite a while. Try to work out a deal with the bank to keep your home. There are many programs you may not be aware of that the bank can help you apply for.
When all else fails and you are dealing with a foreclosure, do not panic. Life goes on and you can rebuild both your credit and your home in due time. For some, it may be embarrassing but it also is a lesson learned for the future.