OPTIONS WHEN FACING FORECLOSURE

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August 24, 2021 | Bankruptcy

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The federal foreclosure moratorium expired this past July 31st and lenders and mortgage servicers have begun the process of foreclosing on homes right away.  If you own a home and are concerned about missing a payment, have missed a payment, or have fallen behind by several payments, the following information may help you.

Your options when facing foreclosure are limited:

1) Sell the house. If you have equity and could walk away with money in your pocket from a sale, this is always a better option than allowing the lender to foreclose and sell it for you.  Better to get something rather than nothing.

2) Apply for a loan modification.  Loan modifications are paperwork-intensive AND time-sensitive.  Loan modification applications are littered with strict requirements and are not always approved.  Foreclosure can happen quickly in Nebraska so work on a loan modification should ideally come BEFORE the foreclosure process has begun.

3) Find the money to come current.  Easier said than done in many cases but savings accounts, ‘rainy day’ funds, taking a short-term loan from mom, no options should be off the table when it comes to keeping a roof over your head.  It is wise to obtain legal and financial advice before raiding retirement funds though as there may be tax consequences for early withdrawals.

4) Chapter 13 bankruptcy. Chapter 13 Bankruptcy is also known as the “reorganization” bankruptcy.  Chapter 13 bankruptcy cases offer a path to retaining a home if the missed payments can be “caught up” in a 60-month time frame.  The moment you file a Chapter 13 case ALL activity of your creditors must cease.  This includes a pending foreclosure.  Even if a sale is scheduled the sale must be cancelled the moment you file a Chapter 13 case.  The legal mechanism that stops all creditor activity is called the “automatic stay”.  This is what provides you an opportunity to submit a plan to the Court and notify all of your creditors how you intend to reorganize your finances.

If you are facing foreclosure you should consult an attorney immediately.  You may have less time than you think to make these important life choices.

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