5 Tips to Stop Foreclosure from Happening to you
Are you in danger of a foreclosure? Skrupa Law Office, LLC in Omaha and Lincoln has five ways to help you stop it before it starts. Foreclosure can be a serious threat, however, you have options keep you and your family from losing your house if you are willing to do your part. You can get out of debt without losing everything! Read on to learn more from our team of lawyers at Skrupa Law Office, LLC.
Option 1: Sell Your House
You can sell your home outright before the foreclosure process can begin. If you sell the house and are able to get enough from the sale to pay off the mortgage then you will be clear from your debt. However, you will have to start looking for a new home as a result. If this doesn’t work for you, there are more options.
Option 2: Loan Modification Service
You can work with a loan modification service. This is the most common way people avoid a foreclosure. This service will work with your lender to stop a foreclosure from happening. The bank would rather get their money from you instead of going through the hassle and expense of selling your house in order to get it. This option can assist you with fixing your credit and prepare you to buy another house when you are ready.
Option 3: Refinance Your Loan
You can refinance your loan. This means if the bank believes you will pay them and not neglect your obligations, they will consider it. The policy is you must have a steady income and equity on your home to qualify. However, the payments can end up being higher after a refinance, but it is a way for a start fresh.
Option 4: Sell Your House to a Friend
You can sell your house to a family member or friend. Then, when you are able to take over your payments again you can buy the property back. Beware of who you pick to sell it to; they could sell it out from under you for a quick profit. If this sounds too risky, we have one more option for you that might be the best one.
Option 5: File for Bankruptcy
You can file for bankruptcy, this may not be your first choice but it is a viable one. Chapter 13 is a good way to save your home from foreclosure and help you get caught up on the payments. If your house has already been foreclosed or if you just want to wash your hands of the property, Chapter 7 may be a viable option for you. For more information contact our bankruptcy experts at Skrupa Law.
Contact Skrupa Law Today at (402) 571-2900 in Omaha and (402) 464-3311 in Lincoln
At Skrupa Law we know foreclosure can be a stressful situation and we never want anyone to lose their homes. That is why we offer foreclosure counseling; if you have any questions concerning foreclosure or bankruptcy; contact our Omaha office at (402) 571-2900 or in Lincoln at (402) 464-3311. We will work to keep you in your home!