801-316-8217Foreclosure is a term feared by many, for good reason. However, what people don’t know, is that there may be a way to avoid foreclosure when money is tight and you have defaulted on your loan. If not taken care of promptly and properly you may end up in a bind without a house. That is where the attornies at Bankruptcy Utah come in. When money is tight, adding a foreclosure to your plate can be overwhelming and the thought of losing your home is a scary one. Before panicking, call the staff at Bankruptcy Utah, we can help.
What is Foreclosure?
Foreclosure is the process when a mortgage holder “repossesses” the collateral for their loan. If you have borrowed money to purchase your home or took out a second mortgage, you gave the lender a security interest in your house or land. By receiving the loan, your home then becomes collateral. When your loan goes default, usually a result of lack of payment, the lender forecloses and takes ownership of the property. They do this so that they can sell the property foreclosure to someone else and recover some or all of what is owed on the loan.
Can I Avoid Foreclosure?
If you can not right the default within the given 90 days, the lender will then set a date to sell the property. The attornies at Bankruptcy Utah can help. We can stop the foreclosure at any point during the process up until the sale of the property. This means that you can file for bankruptcy in order to save your home. Additionally, filing for Chapter 13 will allow you time to bring the payments current while making your regular, ongoing loan payments.
Foreclosure is a scary situation for everyone involved. The team at Bankruptcy Utah is here to help rectify your situation and ideally keep your house. We will help get you filed properly so you can keep your house and begin making payments to current your loan and stay in your home. It is important that you are represented properly to avoid a costly mistake down the road. With years of experience, we can help you in a better financial situation. Contact us today and we can answer any questions you may have about bankruptcy or foreclosure on your home.