When you’re unable to keep up with mortgage payments on your home, the property may go into foreclosure. Under foreclosure, the lender seeks to sell the house so they can recoup the amount of debt that they are owed. If this happens to you, it might seem like the only option is to move. However, there are several ways you can respond to foreclosures—and possibly save your home. To help you navigate the process, here are five legal options you should discuss with a trusted attorney.

What Can You Do If Your House Is Foreclosed

1. Nothing

If you don’t act, you’ll eventually be evicted from the property and it will be sold under public auction. In addition to losing your home, you’ll also lose any equity you have in the property and experience severe credit problems that will make it challenging to get another mortgage in the future.

2. Remedy the Default

If you want to keep your home, the first step is to see if you can work with the lender to remedy the default and get current with all payments. Depending on the circumstances, you may even be able to work out a repayment plan that can make catching up more feasible.

3. Short Sale

When you can’t afford to correct a default, you might opt for a short sale. With this approach, you’ll still have to sell the home to another buyer. However, you might be able to recoup some equity, and you’ll also be able to avoid the consequences of foreclosure.

4. Go to Court

If you disagree with a foreclosure, you can take your case to court. Some common defenses include inaccurate default claims or lender fraud. Since verifying these claims requires in-depth research and legal strategy, it’s best to hire a qualified attorney to prepare and represent your case.

5. File for Bankruptcy

Filing for bankruptcy grants you an automatic stay that will delay the foreclosure proceedings. If you want to keep your home, you will need to file for Chapter 13 bankruptcy—a solution that restructures debts and requires you to pay some or all of them within reason. By contrast, Chapter 7 bankruptcy will likely result in the loss of property, but allow you to discharge several debts associated with the foreclosure, such as deficiencies.

When you’re facing foreclosure, taking action sooner than later can help you avoid unpleasant outcomes. That’s why Bender & Bender is committed to providing comprehensive legal assistance to those facing foreclosure in the Wisconsin Rapids, WI area. Well-versed in property law, these lawyers will thoroughly explore all your options and help you devise a strategy that fits your financial situation. This team can also help you file for Chapter 7 to 13 bankruptcy to help eliminate or restructure debts. Visit this law firm online to learn more about these services or call (715) 423-4400 to speak with a knowledgeable personal bankruptcy attorney.