Ongoing financial challenges can often lead to outcomes such as filing for bankruptcy, repossession and having to acquire a home equity loan. In the face of unemployment money trouble can continue to grow and may seem overwhelming for any family or individual homeowner. Losing income will naturally add to the possibility of facing foreclosure.
Other worries about mortgage payments and whether you can afford your property can cause added stress to an already stressful life situation. Insufficient equity or significant problems with the house can translate into further problems and expenses.
One of the greatest challenges of finding yourself in difficult financial straits is that it can contribute to a downward spiral effect: you become so worried about juggling payments and trying to cover basics like food on the table, keeping your lights on and your water running that it becomes easy to lose sight of what you need to do to tackle the larger problem or problems that got you into trouble in the first place.
It is rather like the adage about having difficulty remembering that you need to drain the swamp when it appears that you are surrounded by alligators. With your focus on the short-term, bigger problems can creep up on you, until seemingly before you know it you find yourself confronted with a notice of foreclosure.
If your home is vulnerable to being sold through foreclosure, one thing you can do right away is to consult with Minnillo & Jenkins. Our lawyers can assist you to prevent foreclosure and help you to find ways to overcome your financial troubles. We can help by explaining your rights and options, including bankruptcy if necessary.