You Have Options if You Are Facing Home Foreclosure
For a family facing foreclosure, there are two main ways to deal with the problem. The first option is to walk away from home ownership and accept the foreclosure. The second option is to fight back and try to keep your home.
The different options appeal to different families for different reasons. Don't risk making the wrong choices — or giving up your house before exploring all options to foreclosure. An experienced lawyer can help you make the right decision for your specific financial circumstances.
At The Shaw Group, P.C., our small law firm concentrates almost exclusively on helping individuals and families face a financial crisis. We give practical and knowledgeable advice about alternatives to foreclosure to help you make the right decision for your family.
Every client of our firm works directly with an extremely knowledgeable lawyer. Attorney Edward Shaw has more than 20 years of experience working with southeastern Michigan families facing serious financial challenges. We take our clients' problems as seriously as if they were our own. We work hard to find solutions that fit each family's unique situation.
Contact us today to schedule a free initial consultation. We have offices in Ann Arbor, Novi, Livonia and Plymouth.
One Foreclosure Option: Giving Up the House and Starting Over
For families whose financial crisis is truly dire, the most appealing option may be to give up the home and start over. Doing so without legal advice has many pitfalls, however. Do not give up your house without considering all of the possible consequences. You may find that a carefully timed Chapter 7 bankruptcy petition can help you walk away from an unpayable mortgage with the possibility of a fresh start.
One Foreclosure Option: Try to Keep Your Home
Many people believe that they have no hope of keeping their house if the bank has begun foreclosure proceedings. That is the farthest thing from the truth. There are several possible ways to respond to foreclosure proceedings in a way that may allow you to keep your house:
- A new federal law requires banks to give advance notice before they file foreclosure proceedings against a past-due mortgagee. The notice gives additional time for the homeowner to get current on the mortgage payments.
- A Chapter 13 bankruptcy petition may allow the homeowner to reorganize mortgage payments into a more manageable repayment schedule.
- Your lawyer may be able to help you negotiate a modification of your home loan, get a different interest rate or secure other changes that will make the payments more realistic based on your income.
Get Help Now - Contact the Shaw Group Today
We offer all new clients a free and private consultation with experienced bankruptcy and foreclosure defense attorney Edward Shaw.
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