The notice of foreclosure has come from the bank despite your best efforts to keep up with your payments. All attempts to talk to the bank have failed as well. It seems like no one wanted to listen to you and find ways for you to keep your home. When the situation has gotten to this point, it’s time to talk to a Foreclosure Attorney in Lebanon for help with your situation.
Foreclosure is not the end of your ability to keep the home. In fact, it is only the beginning. The bank has to give you an opportunity to respond to the action, and if you move quickly, you can give them a response that they can’t ignore.
Bankruptcy is the best move you can take in this situation. Chances are, your debt load is to a point where you can’t afford much of anything. Filing for bankruptcy clears your debts and gives you the opportunity to go to the bank and negotiate. Or rather, your lawyer goes to the bank and negotiates more favorable terms for you to keep the home.
There are any number of solutions that can happen after you file. It could be that the bank finds a way to reduce the payments, puts the missing payments at the end of the loan, or agrees to keep the mortgage as is due to the fact you’ll have more money available after discharge. The worst case scenario is that you have to leave the home and find somewhere else to live, but the bank has to do this in an equitable manner.
One of the rules of bankruptcy is that there can be no asset seizure of any kind while the process is in motion. The court wants an opportunity to take a look at everything you own and make decisions as to what to do with it. If the bank were to kick you out without filing a motion, it can be sanctioned, fined and have to allow you back in the home. This is why bankruptcy works to help you keep your home.
The best thing to do is to talk to a lawyer as quickly as you can after receiving notice. The sooner you take action, the better your chances are.