Should We Stay or Should We Go?

Posted on Thursday, November 18th, 2010  

In today’s economic situation, foreclosures are happening in record numbers.  As such, one of the most frequent questions we receive from clients is “Can I save my house?”  However, for people experiencing financial difficulties, the more applicable question is “Should I save my house?”

Your bankruptcy attorney’s job is to review your complete financial picture and discuss all your options – one of which is whether it is in your financial best interests to remain in your home.  Some of the key issues to review when discussing whether to keep or surrender your home are:

  • Your monthly budget – can you afford your current mortgage payments?
  • Your existing loan terms – is your mortgage rate fixed or adjustable?  Is there a balloon payment due soon that you will not be able to make?
  • The current value of your home – do you owe more than your home is worth?

In most cases, Chapter 13 bankruptcy can be used to avoid foreclosure and save your home, if that’s the right financial decision.  Please contact our office for more information or to schedule a consult to discuss your specific circumstances.

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