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When lenders fail to foreclose (1 of 2)

Wisconsin residents who are overburdened by debt and decide to file bankruptcy often face a series of financial struggles, including foreclosure.

Bankruptcy can be effective at stopping a foreclosure in its tracks, thereby allowing the homeowners more time to figure out a plan.

An experienced bankruptcy lawyer will walk the individuals through the options that they have and find out whether the homeowner wants to attempt to stay in the home, wants to leave or has already left.

If the homeowner wants to stay in the home, seeking a loan modification through the Mortgage Modification Mediation (MMM) Program in Bankruptcy Court may be the best option. The program allows those filing for Chapter 13 bankruptcy to keep their homes by making their mortgage payments manageable.

If the homeowner wants to leave or has already left the home, the bankruptcy attorney will go through the options that are available, including walking away from the home and letting the foreclosure proceed, or avoiding foreclosure by seeking a deed in lieu of foreclosure or a short sale.

Most attorneys would advise that alternatives to foreclosure are the best option for a number of different reasons. One reason that was discussed in a recent news article is an issue that few people are aware of.

The article explained that some individuals who went through foreclosure and bankruptcy a few years ago during the height of the real estate market crisis are finding out that their names are still on the titles of the homes that were supposedly foreclosed on. This is causing a complicated legal mess for individuals who were moving forward with their lives.

Please check back tomorrow for Part Two of this post.

Source: Time Warner Cable News, “People running into obstacles buying a home following bankruptcy,” Solomon Syed, May 11, 2014

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