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ATLANTA, GA, February 07, 2014 /24-7PressRelease/ -- The economy may be slowly improving, but we are still seeing the aftermath of the last several years of turmoil. Homeowners have struggled to keep their homes due to unemployment, poorly structured mortgages, divorce, illness or a myriad of reasons. Your mortgage usually takes the biggest chunk out of your finances and when you get behind on the payments, it can seem impossible to catch up. You may find yourself in a situation where it is just a matter of catching up a payment or two, restructuring your mortgage or filing for bankruptcy in Atlanta.
There are a few steps that you can take to stop an impending foreclosure, but the earlier that you try to stop your home from going into foreclosure, the better your results will be. Discuss your situation with your lender. If at all possible, talk to them before you miss a payment. Most financial institutions really don't want to go through the hassle and the expense of foreclosing. Often they will have plans in place that can help you and get you back on the right track.
Another option is to ask for a loan modification. It is sometimes in both your and the bank's best interest to evaluate your financial situation and to restructure your loan into a package that better suits your situation. Solutions could include extending the life of the loan, known as the amortization rate, lowering your interest rate or switching from an adjustable rate mortgage, which fluctuates over the life of the loan, to a fixed rate mortgage.
You can also as for a forbearance, which is a temporary solution that allows you to make partial or no payments for a specified amount of time. Many times one of the first actions an Atlanta bankruptcy attorney will take is to reach out to the mortgage company to ask for a forbearance until the bankruptcy is completed.
The key to keeping your home from going into foreclosure is to be proactive and when you feel that you are getting into a situation that will effect your ability to keep up with your mortgage payments, it is the time to act. Depending on your situation, you may find that the advice of a bankruptcy attorney in Atlanta is invaluable. Your attorney will evaluate your personal finances, communicate with your creditors and advise you as the best course of action.
About Clark & Washington:
Established in 1983, Clark & Washington is now one of the leading bankruptcy filers in the Southeast. They have locations in Georgia, Florida and Tennessee. Clark & Washington specializes in personal chapter seven and 13 bankruptcy. They offer honest, helpful legal advice to those experiencing financial hardships.
For more information, visit http://www.cw13.com.
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