Helping You Find Solutions to Prevent Foreclosure in Utah
Purchasing a home or a rental property can be a major accomplishment and may provide you with your most valuable asset. However, many property owners find themselves facing unforeseen circumstances down the road that create challenges when it comes to making their mortgage payments each month. If you miss too many payments, you may receive notice that a foreclosure is impending.
Learning about a possible foreclosure can be extremely stressful. However, it is important to know that losing your home is not inevitable. There are many ways that an experienced foreclosure avoidance lawyer at JLT Law in Salt Lake City can help you.
Finding Relief Through Bankruptcy
In many situations, you may not be able to pay your mortgage because of other debts that you have. Medical bills, credit card balances, and other unsecured debts can make it difficult to afford your mortgage. Bankruptcy can help you gain control of your finances so you can make your mortgage payments and keep your house. Filing for bankruptcy can help in the following ways:
- Filing a bankruptcy petition initiates an automatic stay, which will halt all foreclosure proceedings or collection attempts, at least temporarily.
- While your mortgage balance cannot be discharged in bankruptcy, other debts can be discharged in a Chapter 7 case to free up money.
- If you are behind on your mortgage already, Chapter 13 bankruptcy can help you catch up by including your arrears in your payment plan to the court.
An experienced bankruptcy lawyer will identify the best strategy to help you avoid foreclosure based on your circumstances.
Other Options to Avoid Foreclosure
In addition to bankruptcy, there may be other options to avoid a foreclosure if you have been delinquent on your mortgage payments. In some situations, it may be possible to obtain a loan modification from your mortgage lender. This process can be complicated, however, and requests are not always approved. Therefore, you should still be prepared to file for bankruptcy if it is necessary to help save your house.
Consult with a Salt Lake City Foreclosure Avoidance Lawyer Today
At JLT Law in Salt Lake City, we have helped many clients avoid foreclosure by discharging their debts through bankruptcy. If you would like to learn more about your options, please call for a free consultation today at 801-596-9400.