Foreclosures and repossessions are very difficult to deal with because they involve losing something that you have worked hard for. When a home or car is taken away from you, you have also lost all of the money that you have put into it.
Fortunately, you do have options that can help you keep your home or car or keep foreclosure or repossession from having a heavy impact on your credit. Your attorney will review your options with you so you can choose the one that will work best for you.
A Minnesota Bankruptcy Attorney Focused On Your Needs
Your attorney is going to look at what your needs are and present you with the options that will most likely work best for you. Bankruptcy is one of those options, as it can help you wipe your slate clean in the case of Chapter 7. If you file Chapter 13, then you can include your mortgage or car loan in the repayment plan, allowing you to keep both.
There are also other options, such as a deed in lieu of foreclosure or loan modification. It is possible for your attorney to negotiate with the bank so that you do not have a foreclosure on your credit or so you can keep your home. If you wish to keep your home, then loan modification is typically the preferred option. This means modifying the terms of the loan to something that you can perform. Perhaps the loan is extended so that you can resume regular payments or another term is changed. Loan modification is also possible on car loans. Lenders do not want to have to repossess vehicles because they then have to auction them off and they may not get the total amount of the loan balance out of them, causing them to still take a loss. The more losses a bank takes, the more harmful it is to their bottom line. In the case of foreclosures, they lose lending power, so it is in their best interest to preserve as much of that lending power as possible.
Advocating For Your Future
By having your lawyer advocate for you, you may be able to have a much better conclusion in the matter, avoiding foreclosure or possession altogether or at least being able to avoid having them on your credit report.
The fact is that you have rights and you can exercise those rights. With the help of your attorney, you will know what those rights are so you can move forward.
Contact A Minneapolis Bankruptcy Lawyer
Facing foreclosure is difficult because of the prospect of losing your home and hurting your credit. With the help of a foreclosure attorney, it is possible to save your home or to avoid the foreclosure process through a number of different options in order to protect your credit as much as possible. To find out more about your rights and options in the foreclosure process, call the McKinney Law Office’s Minneapolis office at 612-206-3706 or the St. Paul office at 651-379-4110 for a free consultation.
This law firm is a debt relief agency, and we help people file for bankruptcy relief under the United States Bankruptcy Law.