I spoke with a law firm in Charlotte today the specializes in representing banks in foreclosure proceedings. I was calling about the property of a client. I was told that my client’s foreclosure had been postponed from January until April. I was also told that Wells Fargo had already postponed over 200 foreclosures today. This is obviously a relief for my client, as it gives her time to plan. If you are given unexpected time like this, there are numerous way to use it.
Prepare For The Worst
While you may attempt to pay your mortgage arrears over the coming months, you should also provide a bankruptcy attorney with all necessary documents in the event you need to file a bankruptcy urgently as the new sale date approaches. It’s much easier to insure a proper filing when the law office has time to review documents thoroughly with you, and a proper filing is what you need.
Take A Step Back
This is a great time to take a step back. If you were previously considering filing a bankruptcy to stop a foreclosure, perhaps you were making an emotional decision. There are times when it makes sense to walk away from a home rather than do everything possible to save it. The market may have turned and now the home is worth less. Or perhaps your payments went up and you can’t refinance. Take a breath and ask yourself whether the home is still a good investment for you. And don’t forget there are other ways to invest your money outside of a mortgage payment.
Take Action Today
With this new breathing room, the temptation is to put of the inevitable decision-making that a deadline forces on us. Instead, take out a pad of paper and strategize about ways to significantly reduce your monthly burdens over the coming months prior to the foreclosure and/or bankruptcy filing. For example, if you can lower your car payment by getting into a different vehicle, doing it before the bankruptcy is much easier than during or after.
Listen To Your Attorney
Let your Charlotte Bankruptcy lawyer help you make a smart decision that will work for you not only this month or the next few months, but for years to come. This may involve keeping the home, it may involve a strategy that utilizes income and credit in a way you had not anticipated. The point is, the attorney is in a unique place to give guidance. An attorney who cares about your needs over his own will walk you through options that may not involve bankruptcy, so make sure to ask about those.
If you’d like to speak with an attorney please call me at 704.749.7747. You can also email me HERE. I’d be happy to discuss your situation and offer guidance.