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How to stop foreclosure on your Ann Arbor home

If you have been unable to make mortgage payments for a while, you may be facing a home foreclosure. The prospect of losing your home can cause a lot of anxiety and stress, as well as a great deal of confusion about how to proceed legally. With so much weighing on you, it can be hard to know where to start in terms of saving your home and getting back on track.

The good news is that there is such a thing as foreclosure defense, and employing this strategy can help you stay in your Ann Arbor home. Read on to learn more about how foreclosure defense works and whether it might be an option in your case.

What is foreclosure defense?

Foreclosure defense is a term to describe legal strategies that you can use to help you keep your home when it is at risk of being taken back by the lender holding the mortgage. The term is a rather broad one that describes a variety of tactics used to help a homeowner stay in his or her home and resolve the unpaid mortgage situation. A common type of foreclosure defense involves working out a compromise with the lender to get payments back on track. Filing for bankruptcy may be another tactic that can help you keep your home because a bankruptcy filing freezes collection activities.

Do I need an attorney?

Every homeowner’s debt and mortgage situation is different, so it is not easy to answer the question of whether you need an attorney to help you avoid home foreclosure. If you believe your situation may warrant a bankruptcy filing, then you should definitely consult with a bankruptcy attorney for further legal advice. Two types of bankruptcy filings, Chapter 7 and Chapter 13, each have different parameters, and an attorney can advise you about which is the most suitable for your situation. 

When it comes to the risk of home foreclosure, it is important to examine all of your options and not resign yourself to the idea that losing your home is inevitable. A consultation with a qualified Ann Arbor bankruptcy attorney can help you evaluate your options and decide how to best proceed so you can have the best possible chance of keeping your home.