If you have fallen behind on your mortgage, you have probably received mail and telephone calls urging you to bring your mortgage current. Perhaps things have gone further and your lender has brought a legal proceeding against you. Each state provides protections for homeowners however, there is finality to the foreclosure process and response deadlines often have irrevocable consequences.
If your lender is seeking payment of mortgage arrearages that you are unable to pay, you should contact an insolvency professional at once. For most people, their home is their single most valuable asset. If you have regular income, you may be eligible to restructure your debt and make payments over a period of 3 to 5 years. Your lender may be willing to accept a deal to avoid a costly foreclosure and an uncertain real estate market. Even if keeping your house is not a realistic option, you should contact a bankruptcy lawyer. Many people are surprised to discover that, even though they no longer own their homes, they remain responsible for a large debt. An insolvency professional can help you reduce or eliminate that debt.