More and more people facing foreclosure feel they are running out of options and are turning to bankruptcy as the solution to their financial crisis. Various hardships have forced them to extend themselves on credit cards and personal lines of credit to get the cash they need to pay their mortgage. After topping out all available cash they find themselves barely staying above water in the pool of monthly overhead they have immersed themselves in. The low blow comes when their lender tells them that they are not qualified for a loan modification because of their significant debt obligations. Due to the obligations the lender feels the homeowner can not afford to keep their home. This must comes as a shock to the homeowners who have overextended themselves on credit as a desperate attempt to keep their home. Due to the large number of homes in default lenders are not as quick to foreclose, but they will get around to it, and what option does the homeowner have left that will stop foreclosure and stop the collection calls? The answer is often bankruptcy.
What does that mean for you? Even if you are facing an impending sale date or have given up all hope, call First Source Law. Our experienced attorneys can help devise a strategy to keep you in your home, get rid of debt and have a fresh start.
This post was written by Aubrey Feriante
