The foreclosure process can be brutal for a homeowner who has worked so hard to keep their home. It is especially difficult when one has owned their home for many years and then suddenly gone through a tough financial crisis. When people are threatened with losing their home, it is crucial they act quickly and do all they can to stop it. With the help of a lawyer, a homeowner may be able to avoid Foreclosure Glendale AZ.
The first step in avoiding the foreclosure process is to call the mortgage holder to see what they are willing to do to help. In some cases, a person may be able to make satisfactory payment arrangements so the process is stalled. If the mortgage holder refuses to work with the homeowner, it would behoove them to meet with a lawyer to determine their legal options.
A lawyer can help a person avoid foreclosure by assisting them in filing for chapter 13. This type of bankruptcy makes all creditors stop any collection activity. To find out if a person qualifies, they will need to bring in information on all debts they owe, including the account numbers and information on their assets. All debts must be listed in a chapter 13 filing. Any debts that are inadvertently left off will likely result in continued collection activity.
The lawyer will file the bankruptcy and a judge will be the one to approve it. The judge will also approve the restructured bill payment plan. The person filing for bankruptcy must be able to afford the monthly payments that are set up for them so their debts can be paid down during the specified period of three to five years, depending on how much time they are given. Catching up the payments during this time period will prevent any further foreclosure activity.
If you are in need of help with your Foreclosure Glendale AZ, Visit Site for more details. They will be happy to go over your financial records and help you determine whether or not bankruptcy is an answer. Call them today and ask them to schedule your consultation so you can find financial relief.