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Filing for bankruptcy may stop a foreclosure

On Behalf of | Oct 8, 2022 | Bankruptcy Law |

When you bought your home in Mississippi, you may have had plans to stay there for the rest of your life. Whether you are a new homeowner or have been in the same house for decades, the house itself is no doubt one of your largest assets. If you’re one of many people who are currently facing serious financial problems, you might be worried about losing your home to foreclosure.  

It’s not uncommon to miss a mortgage payment when unforeseen circumstances arise, such as emergency medical bills or car repairs that you would be unable to meet if you did not delay payment on your loan. If, however, your financial trouble has escalated, and you have missed multiple payments, you have reason to be concerned about the status of your mortgage loan. If lenders have already sent you a formal notice to foreclose, you may need urgent debt relief support.  

Exploring bankruptcy options to avoid foreclosure 

Most lenders want to avoid foreclosure as much as homeowners do. Foreclosing requires a ton of paperwork on their end. It also takes time and effort to sell the home, which often involves a short sale. Sometimes, a lender is willing to restructure a payment plan so that the owner can keep the home while continuing to pay off the debt. Bankruptcy can stop the foreclosure process, including the Chapter 13 program, which may enable a homeowner to adjust payments or extend the life of the mortgage loan.  

Legal support is available to help navigate the system 

Worrying about losing your home to foreclosure is stressful enough without trying to figure out on your own which bankruptcy options might be available to you. The Walsh Law Firm is dedicated to providing strong legal support to Mississippi homeowners who are considering filing for bankruptcy as a means to help them keep their homes. By requesting a meeting, you can obtain experienced guidance and recommendations as to which debt relief program best fits your needs.