Foreclosure of your home is a consequence of failing to make your mortgage payments. However, by working with a bankruptcy lawyer in Phoenix, you can take vital steps to stop your home from being foreclosed.
Assess Your Budget
If you can cut down on your expense and find a way to redistribute your funds, then you may generate enough money to keep your payments on track. This will mean tightening your budget for as long as it takes. Reduce expenses by limiting eating out or canceling certain subscriptions.
If the foreclosure is still possible, then declare bankruptcy. Filing for bankruptcy will forestall, if not eliminate the foreclosure proceedings. To understand this option better, contact a debt relief law firm and talk to a repossession lawyer in Phoenix, AZ.
Pick the Right Option
You can file for two types of bankruptcy. It’s best that you talk to a repossession lawyer in Phoenix, AZ before you make a decision, though. Talking to legal counsel will help you determine which one is right for your financial situation, needs, and future.
Sell the Home
You can also think about selling the property and then use the proceeds from the sale to pay off what you owe. That’s one way to walk away from the situation with zero loan debt. However, this can be a complicated option. You will need help. Consult with realtors and lawyers to find out what your best recourse is.
Evaluate Your Financial Position
It is best for you to evaluate your budget and your financial capability before you take on the commitment of buying a home. The next time you find yourself entertaining the thought, check your finances. Do not go down the same road again. If you know there is a possibility that you cannot make the payments, do not go through with the arrangement.
Learn more about foreclosures and repossessions. Contact the Law Office of Larry P. Karandreas to talk to a repossession lawyer in Phoenix, AZ. With the right legal team as well as dedicated support from a reputable debt relief law firm, you can stop repossession from happening.