Vance P. Truman, Attorney at Law
Putting People's Financial Worries Behind Them Free Initial Consultation

Protect against foreclosure when you have financial trouble

How can you protect yourself against foreclosure? It isn't easy.

No matter how well-prepared you are for the twists and turns of life, your company may suddenly start laying people off or go out of business, leaving you abruptly jobless. A sudden health crisis could also force you out of work. You might simply find yourself with so much debt that has piled up over the years that you can't keep up with it.

The best way to protect against foreclosure is to take the long view regarding your financial situation. If you can refinance your home before you start to fall behind on your bills, you may be able to lower your mortgage payment to something easier to handle on your reduced income.

If you feel like it would be better to get out of your mortgage altogether, try to sell your home before you are pushed into default by your financial situation. That will at least protect your credit for the future.

If you have to stop paying some of your bills, don't sacrifice your mortgage payment to pay your credit cards (even if you are being hounded by debt collectors). Prioritize keeping your mortgage current and essentials, like your utility payments.

Talk to an attorney about your financial situation to see if a Chapter 13 or Chapter 7 bankruptcy is right for you. Filing for bankruptcy automatically puts a stay on any collection activity (including foreclosures), which can give you some much-needed time to make decisions and come up with a plan.

Our office understands that you want to avoid losing your home whenever possible, so our attorneys will help you look at your options and determine your next course of action. Contact our office to learn more about how to stop a foreclosure.

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689 Lafayette Rd.
Medina, OH 44256

Phone: 330-591-4729
Fax: 330-722-3410
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