Castle Law Office Blog | Missouri & Illinois Bankruptcy Legal Blog

What’s the Most Important Thing to Do When You’re Facing Foreclosure?

Getting a foreclosure notice in the mail sometimes feels like the bottom has dropped out of your life. The safety net is gone—and no one is going to put it back up for you. The moments you spend reading the notice and after are often filled with confusion and worry. It is natural to be unsure. Whatever your next move is, the most important advice I can give you is this: Don’t Wait.

I understand that piece of advice may be easier said than done, but waiting to act can only put you in a worse situation. You must take charge of your own destiny.

Start by exploring your options. Some consider loan modification as their first option. But, if you are already in foreclosure, it may not be your best option. Many of the biggest lenders are approving less than 5% of mortgages for a modification. To make matters worse, you often aren’t notified that you don’t qualify for a loan modification until right before your foreclosure date—leaving you with little time to find help elsewhere.

Some also consider debt settlement, but the prevalence of scams and hidden fees has left some without a home and still drowning in debt. Still, some consider bankruptcy. Chapter 13 bankruptcy has helped thousands of people save their homes and keep their families safe. It actually stops foreclosure dead in its tracks and helps you get a handle on the rest of your debt. If you need help making your next move after a foreclosure notice, you can call us to set up an appointment where a qualified consultant can talk to you about your situation and help you figure out the best solution. And, of course, it’s free.