Should I consider bankruptcy if I'm behind on my mortgage payments?
Things to consider
Before you decide to file for bankruptcy, you should contact a housing counselor or consumer credit counselor (or both) and discuss your options. In some rare instances, bankruptcy may be the best option for you. However, it's important that you first explore alternatives and determine if bankruptcy is the best way to solve your problem.
How bankruptcy affects future plans
Bankruptcy can negatively impact your credit score and make it more difficult to obtain credit in the future, so it's important to only consider filing for bankruptcy as a last resort. For example, if you have other debt that is not secured by property (such as credit card debt), filing for bankruptcy might help improve your chances of being approved for a loan in the future. However, if you have credit card debt (which is secured by the property) or a mortgage (which is also secured by the property), it's generally not a good idea to file for bankruptcy because doing so could make it harder to retain or get back into your home.
Should I consider bankruptcy if behind in mortgage payments?
One of the most difficult financial situations a person can find themselves in is being behind on mortgage payments. Not only do they risk losing their home, but they can also be subject to the whims and needs of their lender.
Consult your bankruptcy lawyer
The language used by the bank or lending agency in threatening foreclosure can make you feel like a prisoner, but it's important to remember that you have options. While it may seem overwhelming to try to figure out how to stay in your home when behind in payments, there are many resources available that can help you work through this problem.
If you have any questions, you can get a free consultation with the Best Attorneys in Utah.
Ascent Law LLC:
8833 South Redwood RoadSuite C
West Jordan, UT 84088
(801) 676-5506
