Are You In Foreclosure?

If you have recently been served with written notices in a foreclosure action, your lender has commenced the process to "redeem its collateral." Typically, a foreclosure proceeding takes 20-30 days to complete from the time that you receive a notice. Therefore, it is important to act quickly. Every day that goes by brings you one day closer to being out on the street.

If your lender has served you with a foreclosure action, you do not have to lose your property. Many lenders, in the wake of the most recent economic crisis, are approaching homeowners who have fallen behind in their mortgage payments and are offering them the opportunity to enter into direct repayments plans. While your lender's efforts should be applauded, a direct repayment plan is not always the best solution. You must remember that your lender is only concerned about their mortgage. Most lenders do not care about your other debts or how you will take care of your other obligations.

Most times, there is a need for an independent party to review your financial situation to determine what course of action is best for your situation. The bankruptcy laws require you to deal with your overall financial situation. Bankruptcy is generally a better alternative because it isn't a "pick and choose" process where you only deal with your most immediate problems and have to let the others continue to smolder.

Bankruptcy relief covers all of your obligations. Most important, do not be afraid of the word BANKRUPTCY. Bankruptcy is not evil. The bankruptcy laws are an opportunity to take voluntary action to regain control of your financial health. Bankruptcy is not the right solution for everyone, but it is not an avenue that should be immediately rejected.