Being faced with a foreclosure can be intimidating. When this happens, many people think that losing their home is unavoidable and inevitable. However, there are options available to you to rectify the situation. Two of the most reliable solutions involve compromising with the lender or filing for bankruptcy. 

Working With the Lender

In some cases, you might be able to work with your lender to find an alternative solution to foreclosure. For example, you can ask the lender to compromise with a rearranged payment plan. In this situation, the amount you owe would be split up and added to your monthly mortgage until the debt is paid back.

You can also ask for a forbearance agreement. This is similar to a rearranged plan; however, in this case, the debt owed is simply added back to the full loan and paid off later. This arrangement might also include agreeing to a smaller payment in lieu of owing the full amount or having the full debt forgiven.

Refinancing your mortgage is also a viable option. In this case, your entire debt is restructured to include a new loan term and monthly payments. The total will include the leftover sum from your previous loan, as well as any missed payments and late fees. Although this option extends the amount of time you have before the loan is paid off in full, it provides a more manageable mortgage every month.

Declaring Bankruptcy

If your lender is unwilling to cooperate, consider hiring an attorney and filing for bankruptcy. This will ensure the foreclosure actions cease immediately, giving you time to work out your finances. If you want to keep your property, opt for Chapter 13 bankruptcy. This will involve creating a reorganization plan, so you can pay back your debts in reasonable monthly amounts. 

If you are facing foreclosure and have an uncompromising lender, turn to The Law Office of Christopher J. Swatosh in Ava and Ozark, MO. Attorney Swatosh has over 20 years of experience helping those in need file successful bankruptcy declarations, and he will do everything in his power to ensure you maintain ownership of your home. Give him a call today at (417) 683-2987 to discuss your situation and schedule a consultation.