If you are one of the millions of American homeowners that have received a foreclosure notice, you may feel frozen and confused about what you can do. But you have options to prevent foreclosure and causing too much damage to your credit. A Delaware foreclosure attorney can offer the troubled homeowner sound advice on the steps they can take to stay in their homes.
After you have received a default notice the most important thing to do is to get help immediately, either through a non-profit organization or by retaining a foreclosure lawyer. It’s critical to take action quickly because you have a limited amount of time to contest the bank’s decision.
Depending on your financial situation, you may qualify for a short sale or a mortgage modification. A short sale, however, may leave you indebted to the bank. And for troubled homeowners it may be difficult to make their monthly mortgage payments under a modification.
Another option that a foreclosure attorney may suggest is a personal bankruptcy. In Delaware and many other states, a person can retain possession of their homes while under bankruptcy protection, since homes are generally exceptions to Chapter 13 reorganization and Chapter 7 liquidation.
The foreclosure laws in all states vary, but a homeowner in Delaware can prevent foreclosure and get debt relief if they are proactive and take the necessary steps, instead of allowing themselves to feel powerless.