Foreclosure Defense

Interest rates are expected to increase for the first time since the recession of 2008 as the American economy has finally regained its footing. This is a good sign for the overall economy, but may leave many future home buyers anxious to receive their rates on borrowing. Although foreclosure rates are down 3 percent in 2015, foreclosure is still something that haunts less wealthy home owners nightly. A home is the most valuable asset that a family can own, especially if there are kids being raised in it. No one wishes to default on their mortgage payments and see their home and livelihood be taken away, however, there are currently many financial maneuvers one can make to avoid this.

Every foreclosure case is different and unique, but through basic protection methods many homeowners can seek the protection they need. According to Bradford Law Offices, PLLC, the typical options for defending against foreclosure include, mortgage modification, negotiating with lenders, and if all else fail pursuing bankruptcy protection. Mortgage modification and negotiating with lenders entails homeowners working with lenders to reorganize the current payment plan to something that the homeowner can afford. Financial institutions and creditors are welcoming to this option as they rather see some form of payment than nothing at all. Pursuing bankruptcy protection contains with it a stigma of failure, but when times become desperate it is a perfectly viable way to protect your home. Under chapter 13 bankruptcy, an individual is able to immediately halt any foreclosure proceedings upon filing the bankruptcy petition. Furthermore, it creates an automatic stay from harassing creditors and is perfect for debtors with more financial resources such as homeowners. Owning a home is the most valuable asset a person will likely have in their entire lives, and it is vastly important for homeowners to understand the methods they can utilize to protect it.

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