Protecting Your Home And Family
If you’re Bill Gates or Warren Buffett, this may not apply to you. The rest of us, however, could find ourselves in serious debt at almost any time for a variety of reasons ranging from a job loss to a serious illness to a natural disaster. When out-of-control debt threatens the roof over your head, you can take a number of steps to protect your family and home from foreclosure. In the Chicago area, the most important step you can take is a consultation with an experienced Chicago bankruptcy lawyer. If you are facing or anticipating foreclosure, get the sound legal counsel you need immediately.
A second step is familiarizing yourself with government programs that help homeowners in distress. The Home Affordable Modification Program (HAMP) helps employed homeowners struggling with mortgage payments. Through HAMP, eligible homeowners may be able to have their mortgage payments modified to make them affordable in the future. The Home Affordable Refinance Program (HARP) is for struggling homeowners who are current on mortgage payments but own homes that have decreased in value. HARP lets homeowners refinance mortgages to achieve affordability in the future. The Home Affordable Unemployment Program (UP) lets unemployed homeowners who are failing to make mortgage payments make lower payments or in some cases receive relief from payments for a specified number of months.
Government assistance is only one option. A Chapter 13 bankruptcy provides temporary relief until you (and a good bankruptcy lawyer) develop a repayment plan that makes mortgage payments easier for you. In some cases, depending on the specifics of your financial situation, a Chapter 7 bankruptcy can also provide relief from the threat of foreclosure. A good bankruptcy lawyer will also investigate your mortgage lender for adherence to the Truth in Lending Act. If your lender is in violation, your lawyer can move to halt the foreclosure process.
The lesson here is simple. If your debts are mounting, if you have trouble paying the mortgage, or if you’re threatened with foreclosure, don’t despair. Act! Call a good Chicago bankruptcy lawyer today. If you’re anywhere in the Chicago area and you anticipate or already face foreclosure, review your options with an experienced Chicago bankruptcy lawyer who can suggest your wisest course of action.
