Bankruptcy and Home Foreclosure
When faced with the prospect of losing a home to foreclosure, it's normal to experience feelings running the gamut between fear and depression to anger and even outrage. The mistake to avoid is letting your feelings keep you from facing this problem head-on. Do that and you could end up losing your home unnecessarily or throwing money away.
At Prescott & Pearson, P.A., we help Minnesota families to put a stop to foreclosure proceedings, to keep their homes and to buy valuable time when keeping the home is not a good or realistic option. Whatever your situation – we're confident that we can help you too.
To put an immediate halt to foreclosure proceedings on your home or to just learn more about your options, call or contact our Twin Cities area law offices for a free consultation today.
Understanding Your Options
Home foreclosure proceedings have become more and more common in Minnesota and across the nation. Unemployment, illness and divorce are partly responsible for this, as always. But due to rapidly decreasing home values and second mortgages – the bigger issue for many people today is simply having a mortgage that's too big in comparison to what the home is actually worth.
In any of these situations, the key to making the right decision is to know your options.
When you come to our firm for a free consultation, we will sit down with you and quickly assess your situation, help you identify goals and explain the options that might help you achieve those goals. For example, if you are current on your mortgage payments or can come up with the money needed to make up for payments that you've missed, Chapter 7 bankruptcy is an option worth considering.
Chapter 13, by contrast, is usually the best option for keeping a home because missing mortgage payments can be included the three- to five-year repayment plan.
In some cases, it just makes more sense to walk away from the home. Arranging a short sale will make sense in some circumstances, or deed in lieu of foreclosure will sometimes allow to you walk away with some money in your pocket.
"This Is All We Do and We Do It Well."
Minneapolis-St. Paul: 651-968-8096 / Statewide Toll-Free: 888-366-0827
If you have any other questions about keeping your home in bankruptcy or you need immediate legal help to stop a foreclosure — don't hesitate to call or contact our lawyers in the Twin Cities area for a free consultation.