Don’t Accept Foreclosure — File Bankruptcy
It is that time of the month for foreclosure sales. A foreclosure sale means a person has fallen behind on their mortgage payments and the mortgage company is trying to take the home back or sell to the highest bider. By this point all work out plans have fail to work for one party or the other. If they sell your home you will get notice of the action and have to move out about 3 weeks later. At some point you could be sued for the balance amount or receive a 1099 for the loss that the company had and have to pay taxes on that.
To stop this action from happening file a chapter 13 bankruptcy. Filing the bankruptcy stops the foreclosure sale but more important it gives you a work out plan that the mortgage company has to accept. The repayment plan the courts decide you can afford to pay over the next 5 years.
Along with helping you with your mortgage all your credit cards will be taken care of. They only receive moneys if you can afford to pay. At the end of the plan 5 years, now you are out of debt not behind on anything, your credit will start rebuilding.
Please fill out our free evaluation form to determine if bankruptcy is right for you.
