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CHATTANOOGA, TN, May 26, 2015 /24-7PressRelease/ -- Foreclosures can be very scary. No one wants to lose their home and people would do anything to keep it in many cases. Luckily, there are some steps that you can take before your home is foreclosed on. The trick, however, is being proactive. You will want to start taking action as soon as possible so that you have enough time to stop it. The following are some tips that Chattanooga lawyers recommend.
Work with Your Lender
The first step you should take to avoid foreclosure is to work with the lender. You can start by speaking to the lender and explaining the situation. They may work with you to avoid foreclosure as well. They can give you options such as modifying your loan so you can make payments, put you in forbearance for a temporary amount of time, or have you work with a financial counselor. All of these can remedy your issue and allow you more time to get back on your feet. However, if that does not work and the lender will not work with you, you may have to fight the foreclosure.
Fight the Foreclosure
If the lender continues with proceedings, you can fight the foreclosure to prevent it from occurring. To start this process, you will want to file a written answer with the court. During this time, ask the lender to produce the promissory note that was signed. If they sent off the note and it cannot be found, this can push back the proceedings or may even stop them completely. Another option is attempting to sell the home before it is foreclosed on. If you cannot make payments, you should attempt to sell it in the market. If you are not ready to give that up yet, question the chain of title with the lender. This is to prove the ownership of the mortgage. If it appears to not be unclear and unambiguous, you may be able to avoid foreclosure. A last resort option with the lender would be to negotiate a deed in lieu of foreclosure. This is when you transfer the deed to the lender and have the option to completely walk away owing nothing.
File for Bankruptcy
Another option would be to file bankruptcy but this is not the best option for all people. You will want to do thorough research prior to filing bankruptcy. This option is the very last one you will want to try as it will stay on your record for some time. Before doing anything, however, you should speak to a local Chattanooga attorney to discuss your options and decide on the best path for you.
For more information visit www.chattanooga-bankruptcy-attorney.com.
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 www.chattanooga-bankruptcy-attorney.com.
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