Most people spend a substantial amount of time preparing for purchasing a house. They save money for a down payment, work on their credit so they can get a good interest rate, and search exhaustively for the perfect neighborhood to raise their children. Unfortunately, a lot of people don’t spend as much time preparing for home ownership. Owning a house is a lot different than renting. Homeowners must maintain insurance on their home and, if something breaks down, they can’t just call their landlord to get the repairs done for free.
Although their mortgage payment might be less than the amount they were paying for rent, people who do not prepare for the overall costs of owning a home can run into problems if they have trouble with their finances after they’ve moved into the house. Losing everything they’ve worked for is a real possibility for homeowners who cannot pay their mortgage because they have lost their job or run into other financial difficulties. When facing Foreclosure Glendale AZ families should contact an attorney right away.
In many cases, it’s possible to avoid losing the house if the homeowner can afford to make the monthly payment. Those who had a temporary setback may be able to work with the lender prior to them filing the documents with the court. However, if the lender has already filed for Foreclosure Glendale AZ, homeowners must Visit Site and get in touch with a bankruptcy attorney immediately if they want to save their investment.
Although filing for personal bankruptcy does negatively impact a homeowner’s credit report and limit their ability to get new credit, it may offer significant advantages to a family that is facing foreclosure. Chapter 13 bankruptcy does not eliminate debts. Rather, it reorganizes them so they are more affordable. The family will still have to pay their mortgage and other bills, but the total monthly payment will be based on their income. Paying debts this way allows families who have faced financial setbacks to get back on track without having to give up their primary residence and move to a less desirable neighborhood.