Posted on: 6 January 2016
Your home is likely one of the largest investments that you have ever made, and it should come as no surprise that it may take you many years to pay off your loans. However, a lot can happen over the course of time, and you may one day find yourself in a situation where it is difficult to pay your mortgage. In these situations, it is important for you to have a solid understanding concerning the realities behind some common myths about foreclosures.
Myth: Filing For Bankruptcy Will Always Stop The Foreclosure
There is a common assumption that filing for bankruptcy protection will always stop the foreclosure process. While it is true that in most cases, the foreclosure of your home will be delayed until the bankruptcy process is completed, there are instances where this may not be the case.
For example, it may be possible for your lender to file a motion granting it the ability to continue with the foreclosure process. If the judge grants this motion, the foreclosure of the home will proceed. Fortunately, you will be notified if the lender makes this motion, which will give you and your attorney time to formulate a counter argument.
Myth: It Is Difficult To Qualify For Lender Sponsored Assistance Programs
When you first start experiencing difficulties paying your mortgage, there are many lender sponsored programs that you may be able to utilize. These programs can afford you reduced payments or even special forbearance periods where you will not be required to make payments.
Unfortunately, filing for these programs can be difficult due to the complexity of the rules governing them. As a result, it is common for people to simply give up on this option. Luckily, your foreclosure attorney will be able to help you determine which programs you can apply for, and they will often help you complete this paperwork. By taking advantage of these programs, you can dramatically reduce the chances that you find yourself facing foreclosure.
The threat of losing your home can be an extremely stressful problem to have. However, you must be informed about the foreclosure process to understand your options during this trying time. Knowing the truths behind the myths about bankruptcy stopping foreclosures and that it is difficult to take advantage of lender offered assistance programs will make it more likely that you will be able to successfully make it through this process without losing your home.
To learn more, contact a foreclosure attorney like Legal Clinic Of Jerry Paeth.Share