Causes of Foreclosure
Economic hardships can make it difficult for you to pay your regular bills. Even your mortgage payments may become more than you can handle, and a couple of missed payments will add up quickly. This kind of debt can easily snowball if it’s not addressed promptly. While you may feel like your financial situation is beyond repair, it is not.
You can take control of your debt and your life by talking to a New Mexico bankruptcy attorney at Melwani Law and learning about your options.
Causes of Bank Foreclosure
If you are facing foreclosure, you may be losing not only your home but also the equity you’ve invested in it over the years. There are many direct and indirect causes of bank foreclosure, including:
- Unemployment and job loss
- Medical bills
- An inability to refinance
- Reduced home values
- Rising interest rates
- Death or divorce
Stopping Foreclosure
Although any of these situations individually or combined can put your home in jeopardy, filing for Chapter 13 bankruptcy may be able to save it. Our New Mexico bankruptcy attorneys can assist you in setting up a Chapter 13 payment plan to repay your debts. Your foreclosure will be stopped by an automatic stay, which goes into effect as soon as you file bankruptcy, and you’ll have the opportunity to make up any missed mortgage payments.
The bankruptcy procedure can be complex, but it does not have to be intimidating. The assistance of our knowledgeable foreclosure lawyers combined with your active input can help you achieve your financial goals and receive the financial fresh start you desire.
Our experienced bankruptcy attorneys seek to provide the information you need to get your finances and life back in order. If you are currently struggling with serious financial difficulties, are getting behind in your mortgage payments, or are facing bank foreclosure, contact our New Mexico Bankruptcy Lawyers for a free initial consultation.