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For everybody who is in front of economic crisis and fear the loss of your property, understand you’re not alone. Like countless other home owners, you will have lost employment or suffered a pay cut, your adjustable rate mortgage may have reset and also you can’t afford the payment, or falling property values mean you simply can’t refinance. It may seem that bankruptcy, foreclosure and loss of your abode is inevitable. One answer doesn’t cover every scenario, and you may have solutions that include keeping your house while you sort out financial challenges. Explore all options before concluding that all will be lost in foreclosure or bankruptcy proceedings.

Your loan payment, which might include amounts for property insurance and taxes, is most probably the heaviest single bill you have to pay each and every month. The check covers your housing needs, also it shows an investment for many homeowners – one can find financial and emotional aspects also. If you cannot make your mortgage repayments, you should take a hard look at your situation, financially and otherwise, and choose on a course of action that’s good for you. Consulting a bankruptcy or real estate lawyer in your area can help with your decision-making process.

Consider All Options

This is the set of options and factors you’ll want to consider:

• What is the severity of your financial crisis – is there a dominating element, like a job loss, or is paying one debt at the bottom of your financial problems, like medical bills or your mortgage?
• Is your financial crisis temporary, such as a short period of unemployment or underemployment, or is there a permanent change, say for example a disability that could affect your earning power on a long-term basis?
• How much equity is in your house?
• How does the value of your house compare to the debt it secures – do you owe more than the house is worth?
• How does your current home meet your housing needs – is it the right size, what are the ongoing maintenance and ownership costs, and does the location meet your lifestyle, family, and employment needs?
• Is home ownership the best way to meet your housing needs? Do you have the abilities and resources needed to own the place in which you currently live?
• If you want to keep your home, have all options for loan modification been explored?
• If you don’t want to keep your home, have you tried to sell it, either through conventional means or through a short sale?
• Is your lender willing to pursue foreclosure alternatives, such as accepting a deed in lieu of foreclosure?
• Have foreclosure proceedings started, and if so, how far along is the process?
• Would you qualify Chapter 7 or Chapter 13 bankruptcy relief?
• Do you have other debts, and could those debts be discharged or restructured through bankruptcy?

Making Home Affordable Relief

Just before reaching the crucial stage of bankruptcy or foreclosure, discover if refinancing or changing your mortgage is a viable option. In response to widespread economic crises suffered by lots of homeowners, the Making Home Affordable program offers relief. Financialstability.gov is a government Web-site that provies information about eligibility as well as process for getting help. The Web-site has an interactive tool that will determine if you’re a candidate for relief.

Making Home Affordable has two types of relief:

1.Home Affordable Refinancing for homeowners who may have loans owned by Fannie Mae or Freddie Mac. This program targets those who haven’t got a possibility to refinance their mortgages at today’s significantly low rates as a result of decreasing home values, leaving them “underwater” along with a mortgage balance that’s higher than the house value

2.Home Affordable Modification for homeowners who can’t afford their mortgage payments due to loss or decrease in income, increased mortgage rates or who don’t get a Home Affordable Refinancing. This program aims to modify your mortgage terms and then to bring the payment within an economical range

Start by contacting your lender or loan servicer, butbe patient and persistent. These programs are new, and lenders must work to quickly implement the programs and also the demand is high. Even if you don’t qualify for these programs, work with your lender to discover a solution. Avoiding foreclosure usually is best for all parties.

For help with a Columbus GA chapter 7 bankruptcy, consult with a Columbus bankruptcy attorney. A Columbus Georgia bankruptcy lawyer could give you the help you need.