A bankruptcy lawyer is one of the most important people to talk to when you are dealing with questions and concerns relating to your home. As the largest investment for most people in their lifetimes, it is critical to select an attorney who will help you to avoid the worst possible outcome when you are facing concerns related to foreclosure. Most of the time, the lender is not working with you but rather against you in this process. What can you do to get your home back on track so you can remain there?
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Working with Your Lender
One of the things your bankruptcy lawyer can help with is working with your lender to determine if there is a way for you to get your debt caught up or your loan modified so that you can avoid the foreclosure process. To do this, lenders need to consider whether you are a good long-term risk to them. If they give you this money, are you likely to repay it? Even though you already have the loan, they can make the decision to modify the loan so you can continue paying it or they can choose to foreclose instead.
Protecting Your Home From Foreclosure
To protect your home from the foreclosure process, the attorney may recommend that you file Chapter 13. In this form, you are given an opportunity to work out the terms of the loan, usually with the aid of the bankruptcy trustee from the court. The goal is to help you to stay in your home and not lose this asset. However, the lender is not always required to keep the loan and that means you have to get caught up on payments or you will likely lose it.
Avoiding Asset Loss
Another issue some homeowners have is having too much equity in their home. Equity is the non-mortgaged value of the home. If you do not have an exemption that can protect your home (which is often called a homestead exemption) you may want to choose Chapter 13. This form will protect your assets unlike Chapter 7, which forces the sale of assets to repay lenders. It may be possible to avoid this, though. Your attorney can help you to navigate this process.
The fact is, if you want to keep your home through this process, you need to ensure you take the right legal steps to make that possible. To do this, you need to invest in a bankruptcy lawyer who can help you through the process. The good news is that you can protect yourself and avoid many of the risks you are facing.
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