You are not alone if you are facing the possibility of home foreclosure. In these increasingly tough and uncertain economic times, many individuals are struggling due to factors out of their control such as loss of income and increased expenses. Many can barely afford their monthly necessary household bills, let alone any other debt that may have accumulated over the years. Fortunately, help may be available for you during this financially stressful and emotional time. Mortgage modification, bankruptcy and simply walking away are options you have.
To avoid foreclosure and a deficiency judgment, loan modification may be your best alternative. In working with your bank or lender, I may be able to modify your mortgage whereby the bank reduces your monthly payment and defers the arrears to the back end of the loan. Pursuing this alternative may also help you avoid having to file for bankruptcy.
Bankruptcy can be the best way to save your home according to recent studies. This is because you have a better chance of modifying your mortgage and entirely eliminating second and third mortgages as well as judgments on your property through bankruptcy. Further, bankruptcy also puts a stop to any foreclosure action that is currently pending.
It is possible to walk away from your house if you choose to. This will usually result in a judgment against you for the amount you owe to your mortgage company. However, filing for Chapter 7 bankruptcy can eliminate this judgment, leaving you potentially debt free.
Call me now for your free phone consultation before it is too late - (845) 452-5076.
FREEDOM = FRESH START