- Refinance the house. The rationale for this is to then use the money from the refinancing to pay off the balance to the lender to whom you are in default. However, this option as one can logically conclude may result in a higher future monthly mortgage payment.
- Sell the house. It is better to sell it yourself than to have the back sell it.
- You can transfer your home to some nice person saying he is out to help you by placing your home in a family trust and he is the trustee. THIS IS GENERALLY DANGEROUS. YOU WILL IN ALL LIKELIHOOD GET LITTLE OR NO MONEY FOR YOUR EQUITY. Should someone approach you to do this, or someone offers to buy your house and pay you more money at a later date, or purchase your house with $500-$5000 to you, please do not sign papers until talking to an attorney.
- If you need time to sell your home with a broker, or need time to find a new job to qualify for a chapter 13 bankruptcy, you can fight the foreclosure procedurally with a foreclosure defense attorney and by pointing out all potential technical errors to the court. Remember, though it is wrong to file false pleading raising issues that cannot be proven just to delay the proceeding, there is nothing wrong with insisting on due process of law. This will force the lender's attorney to correct the errors, giving you much needed breathing room.
- If you qualify for a chapter 13 bankruptcy you can force a repayment plan to your lender with payments over 5 years to bring your home mortgage current.
If you have been served with a foreclosure, IMMEDIATELY contact William T. Shaffer Law Group, P.A. for a free consultation with no obligation. Or if you prefer please complete the following Bankruptcy Intake Form and an attorney will contact you.
