Posts Tagged ‘rough finanial circumstances’

Trying To Preserve Home Ownership

Saturday, February 5th, 2011

During rough financial circumstances some  people skip making a mortgage payment to use the money for some other matter or just cannot afford to make a payment.  No matter what the reason skipping mortgage payments can be a recipe for severe financial problems.  It not only puts a debtor behind in paying off a home but hurts his or her credit.  The result of this loss of credibility is to move him or her closer to facing the threat of losing a home in foreclosure.  Some people ignore this danger and just refuse to recognize the danger until they get notice of foreclosure.  Other people worry about it a great deal of the time but still do nothing to correct the problem.    Some homeowners believe that the loss of his or her home  is inevitable so that there is nothing that can be done about it.  Some people even have the misconception that if they file for bankruptcy they will automatically lose their home.  None of these approaches are likely to lead to preserving the ownership in a home where the required payments on a mortgage have not been done. Whether a consumer does nothing about losing a home because they are paralyzed with fear or put off trying to proceed with a bankruptcy out of the fear that it would bring about an automatic loss of their home, it is not the appropriate way to look at the situation.  Consumers should in a timely manner review all available avenues for debt resolution.   Each homeowners situation calls for its own evaluation of what is the best way to handle debt problems.  A homeowner who has mortgage payment difficulties should have a comprehensive debt appraisal done of his or her financial picture to determine whether he or she may be able to keep ownership of a home subsequent to filing for bankruptcy relief.  It is a sound idea for homeowners to contact a Minnesota law firm to set up an appointment to meet with a Minnesota bankruptcy attorney who can provide potential legal help.  Prompt legal attention to dealing with debt problems may lead to a greater chance to preserve home ownership.

This blog is not intended to give legal advice and does not do so.  The reading of this blog does not establish an attorney-client relationship or substitute for consulting with a licensed lawyer.

We are a debt relief agency.  We help people file for debt relief under the bankruptcy code.