Loss of Income, Bankruptcy and Foreclosure Help
If you lost your job — or lost income you depend on, such as alimony or child support — it's likely that your first fear is that you will lose your home to foreclosure. That is understandable, but it need not be the case. There are several things you can do to prevent problems with your home loan.
If you have lost income or suffered a job loss, talk to a bankruptcy lawyer at Marrs & Terry, PLLC. We can help you think through the next steps to take to protect your home. Contact our law office to schedule a free consultation. We have six Michigan offices for your convenience: Flint, Ann Arbor, Pontiac, Jackson, Rochester and St. Clair Shores.
Putting Things in Perspective
Although it is a sad truth, Michigan has been one of the hardest hit states for job loss and bankruptcy. Banks do not want to foreclose on homeowners. They are not in the business of property management and they know it is difficult to sell a home in the current real estate market.
If your loss of income is temporary, you may consider negotiating a reduced payment plan or a forbearance plan in which you do not pay for a few months. The problem with these options is that you will have to make up these missed payments, often with a large balloon payment.
Depending upon the specifics of your financial situation, you may be able to avoid mortgage foreclosure by:
- Filing for Chapter 7 bankruptcy to get rid of overwhelming credit card debt or medical debts in order to free up money to pay your mortgage
- Filing for Chapter 13 bankruptcy in order to strip a second mortgage from your home so you have only your first mortgage to pay.
For temporary or permanent lost income, take action to change your financial future. Contact Marrs & Terry online or call us toll-free at (866) 665-8095.
Have you been told you don't qualify for bankruptcy? Talk with one of our experienced bankruptcy lawyers for a second opinion.
